By Vlad Schepkov
Dollar Tree (NASDAQ:DLTR) announced a major leadership change today: Mike Witynski, who has spent 13 years with the company and served as its CEO since 2020, will be stepping down and leaving Dollar Tree. He will also resign from the discount stores operator's board.
Rick Dreiling, the former CEO of arch-rival Dollar General (NYSE:DG), and currently the executive chairman of DLTR, is appointed as the new head of the company.
Dreiling thanked his predecessor: “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," and added: "Dollar Tree will continue to thrive, grow and win in the marketplace in this next chapter."
The move comes nearly a year after Dollar Tree agreed to revamp its board, when it reached a settlement with activist stakeholders Mantle Ridge. The latter had pushed for a review of Dollar Tree's business strategy back in 2021.
Shares of Dollar Tree, up nearly 8% so far this year, have recently begun to show the first signs of recovery since late November 2022, when the company lowered its FY22 profit guidance citing inflationary pressures on margins.