Dollar Tree (DLTR) - Get Report said Monday that Michael Wityniski, enterprise president of the discount retailer, has been named president and CEO, replacing Gary Philbin, who has retired as CEO after 40 years in retailer.
Shares of the Chesapeake, Va.-based chain closed down Friday 1.2% to $95.46.
Philbin, 63, joined Dollar Tree in 2001 and became CEO in 2017, the company said. Philbin will remain with the company as an executive and member of the board through Sept. 23.
Wityniski, 57, joined the company in 2010 as senior vice president of stores and became president and chief operating officer in 2017. He was promoted to enterprise president in 2019, where he was responsible for leading the merchandising, store operations, and supply chain functions for both the Dollar Tree and Family Dollar brands.
"Under Mike’s leadership, we have driven outstanding performance - first at Dollar Tree and most recently at Family Dollar," Bob Sasser, executive chairman said in a statement.
Prior to joining Dollar Tree in 2010, the company said, Witynski held senior leadership roles in merchandising, marketing, private brands and operations during his 29 years in the grocery industry.
In May, Dollar Tree posted stronger-than-expected first-quarter earnings and sale, sparked by a coronavirus pandemic-driven rush to stock up on essentials like toilet paper and batteries as well as other low-budget items like arts and crafts supplies.
Dollar Tree, a Fortune 200 company, operated 15,370 stores across 48 states and five Canadian provinces as of May 2. The stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada.