Dollar Tree's CEO Steps Down, Cites Health Concerns

Embattled discount chain Dollar Tree announced its CEO and chairman, Rick Dreiling, had stepped down on Sunday. Dreiling, who joined Dollar Tree as executive chairman in March 2022, said he is leaving for personal reasons.

“With my health presenting some new challenges over the past two months, the time is right for me to step away and focus on myself and my family,” Dreiling said in a press release Monday.

Dollar Tree, which also owns Family Dollar, appointed COO Michael C. Creedon as interim CEO and Edward J. Kelly as chairman. It’s currently searching for a permanent CEO.

Total Retail's Take: The dollar store sector of the retail industry, once a bright spot in a challenged landscape, has fallen on difficult times. Dollar Tree and Family Dollar are proof of that. In September, the company cut its outlook for the rest of the year, attributing it to “immense pressures” on its low- and middle-income customer base. Furthermore, increased competition in the discount category, including from well-resourced Walmart, has eaten into Dollar Tree's market share. Along with a new leader, other changes could soon be coming to Dollar Tree. The retailer said it is committed to a review of “strategic alternatives” for Family Dollar, including potentially selling or spinning off the chain.