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Dollar Tree has made executive changes as it has faced pressure from an activist investor.
Photo:
Paul Weaver/Zuma Press
Dollar Tree Inc.
said it is replacing its chief executive with the former head of rival discount retailer
Dollar General Corp.
The Chesapeake, Va., company said Tuesday that
Michael Witynski,
who has been CEO since July 2020, is leaving on Jan. 28, with
Richard Dreiling,
who has been executive chairman since last March, taking on the additional role.
Mr. Dreiling, 69 years old, joined Dollar Tree as chairman last year as part of a settlement with activist investor Mantle Ridge LP. He previously served as CEO of Dollar General from January 2008 to June 2015.
The company has shaken up its executive ranks since, as Mantle Ridge has pushed the retailer to make improvements to its Family Dollar chain and its pricing strategy.
Dollar Tree said Mr. Witynski, who is also resigning from the board, would be eligible to receive the separation payments provided by his executive agreement, as well as his annual cash bonus for fiscal 2022.
Dollar Tree said its operations are tracking consistent with its expectations, adding that it plans to report its latest quarterly results on March 1.
Write to Colin Kellaher at colin.kellaher@wsj.com
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