Dollar Tree is ending January with a major leadership change as the retailer has announced a Chief Executive Officer transition. Executive Chairman Rick Dreiling has been named to the CEO role in addition to his current responsibilities, effective January 29. This comes as Mike Witynski will be stepping down from the board and departing the company.
“We greatly appreciate Mike’s contribution over his career with Dollar Tree, which included the acquisition and integration of Family Dollar, navigating COVID, and contributing to the company’s current transformation strategy,” Dreiling said. “Dollar Tree will continue to thrive, grow, and win in the marketplace in this next chapter, and I’m thrilled for the opportunity to work with the extraordinary Dollar Tree team to advance our focus on delighting customers, associates, and other key stakeholders.”
Dreiling has a demonstrated track record of creating exceptional shareholder value with more than 50 years of retail experience at all operating levels, a press release explained. This includes expanding the footprint and offerings of several respected retailers and leading the successful transformation of multiple retailers.
Witynski, on the other hand, has been in leadership positions at Dollar Tree since 2010 and served as CEO since 2020.
“The opportunity to work with the talented and dedicated team at Dollar Tree has been the most rewarding of my career. During this especially dynamic period, we made the historic and consequential move to ‘break the dollar,’ and also rose to the historic opportunity to retool the company’s leadership ranks to face the challenges ahead with fresh eyes. As I depart, I have full confidence that this team will continue to move the company forward through the years ahead,” said Witynski.
Ned Kelly, Lead Independent Director of the Dollar Tree board, also commented on this executive transition.
“We are grateful to Mike for his contributions and leadership during this unusually dynamic time and wish him well,” he said. “Rick is energized and excited about the opportunities at Dollar Tree. His decades of retail experience will serve the company well over the years ahead.”
Best wishes to both leaders as they take these new steps forward.