Retail

Dollar Tree Executive Chairman Dreiling To Replace CEO Witynski

By Reuters
Share this article

Dollar Tree Inc's executive chairman Richard Dreiling is set to replace chief executive officer Mike Witynski, nearly a year after agreeing to revamp its board in a settlement with activist investor Mantle Ridge.

Dreiling, 69, who has previously served as chairman and CEO of rival Dollar General, was appointed to Chesapeake, Virginia-based Dollar Tree's board as part of the settlement in March 2022. He will take on the role of top boss at the company effective January 29.

In late 2021, Mantle Ridge pushed for a review of Dollar Tree's business strategy and Dreiling as the top boss at the discount retailer along with an overhaul of its board.

Annual Profit Forecast

Last year November, the company lowered its annual profit forecast for the second time as price cuts to attract inflation-wary shoppers pressured its margins.

As part of the settlement with Mantle, Dollar Tree in June announced the exit of finance chief Kevin Wampler and some other top executives.

Jeffrey Davis was named successor to Wampler, who is with the company as an adviser till April 2023.

Witynski was appointed as the CEO in July 2020 to succeed Gary Philbin, who retired after serving in the role for nearly three years.

Shares of Dollar Tree rose about 1% in premarket trading.

News by Reuters, edited by by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

Stay Connected With Our Weekly Newsletter

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days

Copyright © 2023. All rights reserved. Developed by Square1 and powered by PublisherPlus.com