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Macon Brock co-founded Dollar Tree and converted it from a small retail chain into a national powerhouse between 1993 and 2003.
After selling K&K Toys in 1991, he and partners Doug Perry and Ray Compton focused exclusively on the dollar store concept.
Dollar Tree expanded from 100 stores to 2,500 locations across 48 states.
The company's 1995 IPO saw market value surge from $225 million to $4 billion by 2003, while revenues reached $1.3 billion.
Bob Sasser led Dollar Tree as CEO from 2003 to 2017, where it became North America's largest dollar store chain.
The company grew from 4,000 to 13,000 stores and raised annual revenue from $5.5 billion to $22 billion.
Two acquisitions shaped this expansion: Dollar Giant in 2010, marking Dollar Tree's entry into Canada, and Family Dollar in 2015 for $8.5 billion.
While investors rewarded this growth with a stock price surge from $30 to $70 between 2009-2017, Sasser drew criticism for cutting employee hours to avoid healthcare costs and struggling to integrate Family Dollar smoothly.
Gary Philbin led Dollar Tree as CEO from 2017 to 2021, ascending to the role after serving as VP of Stores since 1998.
He inherited 14,000 stores generating $22 billion in revenue.
Philbin's tenure centered on profitability over expansion.
He closed hundreds of struggling Family Dollar locations while renovating others, and launched hybrid stores combining both brands.
These moves lifted profits from $1.7 billion to $2.5 billion.
While Wall Street approved of his focus on margins, activist investor Carl Icahn pushed for deeper operational changes.
Dollar Tree's revenue growth slowed as online retailers captured more market share.
Michael Witynski became Dollar Tree's CEO in 2021 after serving as Enterprise President.
His tenure lasted two years and centered on one critical decision: abandoning Dollar Tree's hallmark $1 price point.
Rising inflation forced Witynski to raise prices to $1.25 in late 2021.
This move sparked customer outrage and attracted pressure from activist investor Mantle Ridge, who pushed for even higher prices up to $5.
The price increases failed to boost growth.
Revenue remained flat, the stock price struggled, and profits disappointed investors.
In January 2023, Dollar Tree's board removed Witynski as CEO.
In January 2023, Rick Dreiling became CEO of Dollar Tree.
Dreiling brought four decades of discount retail leadership, most notably as Dollar General's CEO from 2008 to 2015, where he expanded the chain from 6,000 to 11,000 stores while driving profit growth.
His appointment satisfied activist investor Mantle Ridge's demand for leadership change.
Dreiling's initial strategy focused on strengthening Dollar Tree's core value offering and improving operational efficiency to combat inflation pressures.
Industry analysts anticipated potential divestment of the Family Dollar chain to focus resources on Dollar Tree's primary business.
The board selected Dreiling specifically for his proven success in discount retail, betting his experience would help reverse Dollar Tree's market position decline.
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