AN EMPLOYEE who spent nearly a decade working at American Auto Parts has been appointed as the CEO of Dollar Tree.
Michael C. Creedon, Jr. joined Dollar Tree in 2022 as the Chief Operating Officer (COO) and has since taken on various leadership roles including Interim CEO.
Michael has said he is “thrilled and humbled“ to step into this leadership role[/caption]
Michael was given the permanent role today and now he has full-time responsibility for leading more than 200,000 associates and more than 16,000 stores.
He said of his promotion: “It’s a privilege to lead Dollar Tree at such a pivotal time.
“My focus will continue to be on delivering long-term value to our associates, customers, and shareholders as a company that is rooted in strong values and operational excellence.
“I am thrilled and humbled to step into this leadership role as we remain focused on unlocking the enterprise’s full potential.”
Edward (Ned) J. Kelly, III, Chairman of the Board, expressed his full faith in the new appointment, commenting: “Following a search, we are unanimous as a Board in our belief that Mike is the right leader for Dollar Tree.
“His deep understanding of the business, coupled with his strategic vision and collaborative leadership, has earned the trust and respect of the entire organization.
“We have full confidence in Mike’s ability to guide the enterprise to growth and success.”
At least 1,000 dollar stores to close, CEO says
Dollar Tree, the parent company of Family Dollar, revealed it would close around 1,000 stores in the coming years.
The company announced in March that it will shutter the stores after the discount retailer it acquired nearly a decade ago plummeted in value.
Dollar Tree plans to close about 600 Family Dollar stores in the first half of this year.
This will be followed by the shuttering of 370 Family Dollar and 30 Dollar Tree stores over the next several years.
The chain of discount variety stores has also indicated that sales are being affected by the cost-of-living crisis and inflation.
But USA Today added that Dollar Tree has also been rocked by reduced government benefits for the Supplemental Nutrition Assistance Program.
This has left families struggling to juggle finances, with as much as $250 less per month.
Michael is a highly decorated leader, having previously served in executive positions with Tyco International and ADT Security.
He also spent nearly a decade at Advance Auto Parts where he held several leadership positions.
Michael holds a Bachelor of Arts degree in economics from Middlebury College.
ADVANCE AUTO PARTS TROUBLE
It has been reported that Michael’s previous employer, Advance Auto Parts, is currently battling economic setbacks.
The company announced in November that it plans to close hundreds of stores, four distribution centers and slash jobs amid the sluggish demand for vehicle parts.
The car part supplier’s gross profit increased 11 per cent in the third quarter this year compared to the nearly 37 per cent increase in last year’s third quarter.
Executives said the drop in profits will force the closure of more than 700 locations by the middle of 2025.
Shane O’Kelly, president and chief executive officer, reassured that a path is being paved despite issues, saying: “We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business.
“We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value.”
Advance Auto Parts operates more than 4,700 stores in the United States, Canada, Puerto Rico and the U.S. Virgin Islands.
According to its website, the company also serves 1,125 independently owned Carquest-branded stores across these locations, in addition to Mexico and some Caribbean islands.
Advance Auto Parts used to employ Michael and is now facing financial strain and plans to close hundreds of stores[/caption]
