Dollar Tree makes four new executive hires

Discount retailer Dollar Tree Inc. is adding four executives as part of a management transformation which began earlier this year with the restructuring of its board of directors and departure of key leaders.

Joining the Chesapeake, Va.-based retailer is Jennifer Bohaty as chief compliance officer; Terence Goods as chief diversity officer; Jennifer Silberman, chief sustainability officer; and Kristin Tetreault as chief communications officer. 

“These important additions demonstrate our company’s commitment to improving the experiences of our shoppers and building an engaging culture of belonging for our associates,” said Mike Witynski, Dollar Tree president and chief executive officer, in a statement.

Bohaty was previously global chief of ethics and compliance at LL Flooring. She also has served as executive director of global product safety, quality and compliance with Toys ‘R’ Us and senior product safety manager at Target.

Goods was most recently vice president of diversity and inclusion at Southern Glazer’s Wine and Spirits and had prior leadership roles with Wells Fargo, Bank of America and JCPenney. 

Silberman was previously vice president of environmental, social and governance (ESG) for YETI where she established the company’s first ESG priorities. She also led corporate responsibility efforts and teams for global companies that include Target and Hilton.

Related:Dollar Tree shakes up C-suite

Tetreault comes to Dollar Tree from Stanley Black & Decker where she was vice president of enterprise & executive communications. She previously held communication leadership roles at The Hartford Financial Services, UnitedHealth Group and Texas Instruments.

The hirings follow the departure earlier this year of Chief Operating Officer Thomas O’Boyle; Chief Information Officer Andy Paisley; Chief Strategy Officer David Jacobs; and Chief Legal Officer and Corporate Secretary William Old. Bobby Aflatooni was named the new CIO in July.

Dollar Tree previously announced that it was reconstituting its board of directors and naming Rick Dreiling, former chairman and chief executive officer of rival Dollar General, as its executive chairman. 

Plans also called for Dollar Tree to install six new directors on its board besides Dreiling and to retain five current directors. That announcement followed a February notice that Bob Sasser, former CEO and current executive chairman, would be retiring. Sasser had been executive chairman for five years after serving as CEO from 2004 to 2017.

The company reported a sales increase of 6.7% to $6.77 billion for its second quarter ended July 30, 2022, along with increases of 14.2% in gross profit and 25.7% in operating profit. “We remain keenly focused on our associates, our DC network and supply chain, our value proposition and our technology,” Witynski stated. “We are improving the shopper experience and positioning the company to deliver long-term profitable growth and attractive returns on capital.”

Looking ahead, Witynski indicated that the company will focus on making its Family Dollar banner more price competitive which over the long term will “enhance our sales productivity and profitability, and ultimately our opportunity to accelerate store growth. Combined with improvements in merchandising and store standards, we believe we are putting our best foot forward at a time when customers are coming to us to help them navigate difficult times.”

Dollar Tree stated that it expects to deliver a mid-single-digit comparable store sales increase for the year, with a high single-digit increase in the Dollar Tree segment and positive comparable store sales in the Family Dollar segment. It forecasts selling square footage to grow by approximately 3.5%.

Dollar Tree Inc. operates more than 16,000 stores across 48 states and five Canadian provinces under the Dollar Tree, Family Dollar, and Dollar Tree Canada brands.