Embattled discount chain Dollar Tree announced its CEO and chairman, Rick Dreiling, had stepped down on Sunday. Shares of Dollar Tree, which also owns Family Dollar, have plunged more than 50% this year. Dollar Tree, which also owns Family Dollar, appointed COO Michael C. Creedon as interim CEO and Edward J. Kelly as chairman. Dollar Tree also said it is still committed to a review of “strategic alternatives” for Family Dollar. Dollar Tree bought its rival in 2015 for $8.5 billion, believing the acquisition of Family Dollar would help it compete against larger companies.

Source: CNN November 04, 2024 23:19 UTC