Dollar Tree announced late Monday that its CEO and chairman stepped down on Sunday.
In a statement, Rick Dreiling said his health is “presenting some new challenges over the past two months” and “the time is right for me to step away to focus on myself and my family.”
Dreiling joined Dollar Tree in March 2022, as the company’s stock was reaching record highs.
But the discount retailer has struggled lately, with the rise of other discount retailers like Five Below and grocers like Aldi in recent years eating into the company’s market share.
Dollar Tree also announced this year it would close 900 Family Dollar stores, the latest in the fallout of an $8.5 billion acquisition of its rival that hasn’t panned out the way Dollar Tree had hoped. It's announcement Monday said the company was still exploring the potential spin-off or sale of Family Dollar.
So far this year, Dollar Tree’s stock price has plummeted by more than half from it's at a high in early March.
The announcement of Dreiling’s departure was made after markets closed Monday. Investors seemed to respond positively to the news, with shares trading up 6% after the closing bell.
WHRO's Doug Boynton contributed to this report.
