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The latest executive change at Dollar Tree comes amid a period of transformation for the value-focused company.
Longtime Walgreens executive Roxanne Weng plans to focus on reliable inventory availability in stores.
Courtesy of Dollar Tree
“With three decades of distinguished leadership across supply chain strategy, logistics optimization, and distribution network management, her proven expertise aligns perfectly with the Dollar Tree growth trajectory,” Chief Executive Officer Mike Creedon said in a statement regarding Weng’s appointment.
Weng said in a statement that she will be focused on ensuring stores remain consistently and reliably stocked. That comes amid a number of changes that would decrease Dollar Tree’s overall store count.
Dollar Tree last month announced an agreement to sell its Family Dollar banner to private equity firms Brigade Capital Management and Macellum Capital Management for just over $1 billion. Dollar Tree had acquired the rival chain about a decade ago for $8.5 billion.
The decision to sell the banner follows last year’s news that Dollar Tree would dramatically reduce the chain’s footprint by closing 600 of its Family Dollar stores, with plans to shutter an additional 370 locations as leases expire.
Family Dollar had dragged on the company’s overall performance — an issue that Dollar Tree has been looking to fix through a larger transformation effort. Alongside the news of the company selling Family Dollar, it reported in March that fourth quarter net sales rose only 0.7% from 2023 to $5 billion and, with one less week in the quarter, net loss more than doubled to $3.7 billion.
At the end of December, Dollar Tree announced the permanent appointment of Creedon, its former chief operating officer, to the role of CEO. This followed the resignation of CEO Rick Dreiling in November, who left for personal health reasons.
Former Express CEO Stewart Glendinning was then brought on at Dollar Tree in March to serve as its new chief financial officer. Glendinning has previous CFO experience at Tyson Foods and had been working at Dollar Tree since January in a senior role looking at transformation initiatives.
Meanwhile, rival Dollar General has also been enacting changes to its store fleet. The company in March announced it would close 96 of its namesake stores and 45 Popshelf stores. Dollar General also plans to open 575 new stores in the U.S. this year, undergo full remodels of 2,000 stores (and partial remodels of thousands of others) and relocate 45 stores.