Late last month Dollar Tree (DLTR) - Get Dollar Tree, Inc. Report CEO and president Gary Philbin stepped down as CEO of the company. He'll remain an "executive" thru September to help with the transition to new CEO Michael Witynski.
Philbin was appointed CEO in 2017, and his 3 year tenure held mixed results; his time in charge had an annualized TSR of 7%, which lagged behind the S&P 500.
Prior to serving as CEO, Philbin assumed a variety of leadership positions at the company from Senior VP of Stores to COO. Philbin earned over $27M in CEO compensation for his work at Dollar Tree.
Dollar Tree looked within to find Philbin’s replacement, ultimately selecting Michael Witynski to take charge.
Witynski has been with Dollar Tree since 2010, most recently serving as Enterprise President.
Dollar Tree has rebounded well from its initial COVID-inspired nadir, with the current stock price of ~$97, which is above pre-pandemic highs.
Shareholders and management will hope the appointment of Witynski will help the retailer build upon its momentum.