Michael Creedon named Dollar Tree’s permanent CEO

Dollar Tree on Thursday named Michael Creedon as CEO.

Creedon became interim CEO at the discount retailer when Rick Dreiling stepped down in November due to health reasons. The Board of Directors unanimously selected Creedon for the permanent position. Dreiling had held the top role for 22 months, following a massive C-suite restructuring at the chain in 2022.

Creedon joined Dollar Tree in 2022 as chief operating officer. Prior to that, he spent nearly a decade at Advance Auto Parts, where he held several leadership positions, including executive vice president and president of the retailer's U.S. stores.

“After a thorough search, we are unanimous as a Board in our belief that Mike is the right leader for Dollar Tree,” said Dollar Tree Board Chairman Edward Kelly III. “His deep understanding of the business, combined with his strategic vision and collaborative leadership, has earned the trust and respect of the entire organization.”

The Chesapeake, Va.-based retailer is still without a CFO. During Dollar Tree’s third-quarter earnings call on Dec. 4, Creedon announced that Jeff Davis would leave the company.

The retailer's strong third-quarter performance, which surpassed market expectations for both sales and profit, capped a challenging 2024.

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In March, Dollar Tree announced the closure of 1,000 stores, including 600 Family Dollar locations.

The company is continuing its formal review of strategic alternatives for the Family Dollar brand, which could include a sale. Creedon mentioned during the third-quarter earnings call that, while progress has been made, no set deadline or definitive timeline exists for completion.

In June, the Food and Drug Administration reported that Dollar Tree had failed to remove recalled lead-contaminated applesauce pouches for months.

Two months later, Dollar Tree was one of eight large retailers named in a report from the Consumer Financial Protection Bureau for charging cash-back fees on purchases with debit or prepaid cards. Dollar Tree, Dollar General, and Kroger were found to have collected over $90 million in cash-back fees annually.