Dollar Tree Inc has announced a new incoming CEO — Gary Philbin, the chain’s enterprise president. Philbin will replace Bob Sasser, the corporate leader behind the firm’s $9.1 billion acquisition of Family Dollar. Sasser will become the executive chairman of the store’s board, effective immediately.
Philbin is a longtime Dollar Tree alumn — he first joined the company in 2001 as a senior vice president. By 2007 he was made COO and was named enterprise president earlier this year with joint responsibilities to Dollar Tree and the Family Dollar chains of stores.
“While this move was not telegraphed well in advance, we believe this will be a seamless transition as Philbin has very capably served the company … and has helped Sasser lead the company for over 15 years,” BTIG analyst Alan Rifkin said in a note to clients.
With the successful completion of the Family Dollar acquisition, Dollar Tree became the largest dollar store chain in the U.S. (although they did have to win a bidding war with Dollar General, which also wanted to buy Family Dollar).
Dollar Tree’s market value ballooned to $19.8 billion from $2.3 billion during the Sasser era, which began in 2004. Sasser joined the retailer as chief operating officer in 1999.
Shares of Dollar Tree were slightly higher at $83.59 in morning trading.