One of retail’s biggest discount powerhouses has started its succession plan. Bob Sasser, President and CEO of Dollar Tree since 2004, has retired from the position and will assume the role of Executive Chairman of the Board of Directors, effective Sept. 18, 2017.
Gary Philbin, Enterprise President, has been promoted to President and CEO in Sasser’s place and appointed to the Board of Directors.Former Chairman Macon Brock will remain on the board as a Chairman Emeritus, the company said.
“Working with our Board of Directors, I have been planning leadership succession for some time and we are confident this will be a seamless transition, both inside and outside of the company,” said Sasser in a statement. “Our Board of Directors and leadership team have complete confidence in Gary’s ability to lead Dollar Tree through its next phases of growth.”
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Sasser joined Dollar Tree in 1999 as Chief Operating Officer, before being promoted to President and Chief Operating Officer in 2001. During his tenure, Dollar Tree’s market capitalization grew from approximately $2.3 billion to $19.8 billion.
The succession comes at a healthy time for the discount retailer. Dollar Tree expects revenues to exceed $22 billion in 2017, with consolidated net sales increasing 5.7% to $5.28 billion in Q2, helped by same-store sales growth of 2.4%. Net income rose to $233.8 million in the quarter, a 37% increase over the same period last year.
Dollar Tree completed six acquisitions during Sasser’s tenure, including the $9.1 billion acquisition of Family Dollar in 2015. Philbin had responsibility for both the Dollar Tree and Family Dollar banners as Enterprise President. Prior to this role, he served as the President and Chief Operating Officer of Family Dollar.
Philbin joined Dollar Tree in 2001 as Senior VP of Stores, was promoted to Chief Operating Officer in 2007, and then was named President and Chief Operating Officer in 2013.
