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.