Dollar Tree’s leadership team is going through some major changes, the company announced on Tuesday.
CFO Kevin Wampler will move out of his role as the company searches for a successor. He will remain at the company as an advisor until April 30, 2023 and is not leaving due to disagreement with the company, Dollar Tree said in a filing with the SEC.
Additionally, four executives — chief legal officer and corporate secretary William Old, COO Thomas O’Boyle, chief strategy officer David Jacobs and chief information officer James (Andy) Paisley — left their roles on Monday and are receiving a severance of continued base salary for the next two years. Interim leaders will assume responsibilities until replacements are found. Witynski will serve as interim COO.
The shakeups come as a way for the company to “meet the evolving needs of its business” after a strategic review from president and CEO Michael Witynski and executive chair Richard Dreiling, Dollar Tree said in a filing with the SEC.
“As we look to the future, I believe these changes within our leadership team will bring new perspectives and experiences that will help accelerate our continued growth and deliver even greater value for our shareholders, customers, employees and suppliers,” said Witynski. “I want to thank Kevin, Will, Tom, David and Andy for their many years of dedicated service to the Company and for enabling us to get to this point. We wish each of them the best in their future endeavors.”
Dollar Tree also reaffirmed its guidance for fiscal 2022, which it provided last month. The company expects diluted earnings per share for full-year fiscal 2022 to be in the range between $7.80 and $8.20. Consolidated net sales for the year are expected to be between $27.76 billion and $28.14 billion.
“Our Board is fully aligned with Mike that now is the right time to bring in new leadership to ensure the Company remains on a strong trajectory,” Dreiling said in a statement.