Business

Family Dollar parent company names new CEO

In this Thursday, May 26, 2016, file photo, a shopper searches her purse outside a Dollar Tree store in Encinitas, Calif. Dollar Tree, parent company of Matthews-based Family Dollar, named Gary Philbin its new CEO on Monday.
In this Thursday, May 26, 2016, file photo, a shopper searches her purse outside a Dollar Tree store in Encinitas, Calif. Dollar Tree, parent company of Matthews-based Family Dollar, named Gary Philbin its new CEO on Monday. AP

Dollar Tree, the parent company of Matthews-based Family Dollar, has named Gary Philbin as its new CEO. Philbin will maintain an office in Matthews and will split his time between there and Chesapeake, Va., where Dollar Tree has its corporate headquarters.

Philbin’s promotion is effective Sept. 18, Dollar Tree said a statement Monday. Philbin, named Dollar Tree’s enterprise president in January, succeeds Bob Sasser, Dollar Tree’s CEO since 2004 who now assumes the role of executive chairman of the board.

Dollar Tree said Philbin’s promotion is part of its “planned leadership succession.”

Philbin, 60, joined Dollar Tree in 2001 as a senior vice president of stores. Philbin later assumed the role of president and COO of Family Dollar when Dollar Tree completed its purchase of Family Dollar in July 2015. The local retailer had long been headed by Howard Levine, who stepped down as CEO in January 2016.

Sasser, 65, joined Dollar Tree in 1999 as chief operating officer. Under his tenure, Dollar Tree said it has grown its footprint from fewer than 1,200 stores to more than 14,500 stores, and its market capitalization from $2.3 billion to $19.8 billion. Dollar Tree completed six acquisitions under Sasser, with the $9.1 billion purchase of Family Dollar as its largest.

“Gary has been a tremendous business partner to me for the past fifteen years. We share the same values, have a common vision for Dollar Tree's future, and are aligned on strategic initiatives and priorities to achieve the Company's business goals,” Sasser said in the statement.

Katherine Peralta: 704-358-5079, @katieperalta

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