Walgreens veteran tapped as Dollar Tree's chief supply chain officer
Dollar Tree, the popular discount retailer, is undergoing significant changes as it looks to improve its performance and adapt to the competitive retail landscape.
In a major move, the company has sold its Family Dollar banner to private equity firms Brigade Capital Management and Macellum Capital Management for over $1 billion. This decision comes as Family Dollar had been dragging on Dollar Tree's overall performance.
Roxanne Weng, a seasoned executive with extensive experience in supply chain management, has been appointed as the new Chief Supply Chain Officer at Dollar Tree. Weng, who most recently served as the vice president of creative operations at Uline, will focus on ensuring stores remain consistently and reliably stocked.
Interestingly, Weng has a long history with Walgreens, where she spent over 30 years, culminating in her role as its chief supply chain officer. Mike Kindy, who was previously Dollar Tree's Chief Supply Chain Officer, has announced his retirement.
The changes at Dollar Tree follow a period of turbulence for the company. In November, Rick Dreiling, the former CEO, resigned for personal health reasons. His departure came after Dollar Tree reported a 0.7% increase in fourth quarter net sales to $5 billion in March, but with a net loss more than doubling to $3.7 billion.
Stewart Glendinning, who joined Dollar Tree as its new chief financial officer in March, will play a crucial role in the company's transformation. Glendinning brings CFO experience from Tyson Foods to the table.
Dollar Tree is also planning changes that would decrease its overall store count. The company plans to close 600 Family Dollar stores, with an additional 370 locations to be shuttered as leases expire.
Meanwhile, Dollar General, Dollar Tree's main rival, is also enacting changes to its store fleet. The company plans to close 96 of its namesake stores and 45 Popshelf stores, while planning to open 575 new stores in the U.S. this year.
The sale of the Family Dollar banner and the changes in leadership and store count mark a significant shift for Dollar Tree as it seeks to reposition itself in the competitive retail market. Roxanne Weng's appointment comes at a crucial time, as she will be instrumental in ensuring the smooth operation of Dollar Tree's stores.
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