(Reuters) -Dollar Tree said on Thursday interim CEO Michael Creedon would take on the role permanently, tasking an insider to lead a turnaround of the dollar-store chain facing weak demand and intense competition.
Creedon, who worked at auto parts retailer Advance Auto Parts for nearly a decade before joining Dollar Tree in 2022, was named interim CEO last month.
His appointment came after Rick Dreiling decided to step down after a two-year stint due to health challenges.
Dollar Tree’s shares were up 1% in premarket trading on Thursday. They have fallen 51% so far this year, as of last close.
Earlier this month, Dollar Tree beat third-quarter results, and said its chief financial officer Jeff Davis will step down after roughly two years on the job.
(Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)
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