Dollar Tree Promotes Gary Philbin to CEO

Dollar Tree announced that Gary Philbin was promoted to chief executive. Philbin joined Dollar Tree as senior vice president of stores in 2001, and was named chief operating officer six years later. He was appointed enterprise president earlier this year with responsibilities for both the Dollar Tree and Family Dollar chains of stores.

Philbin succeeds Bob Sasser, who now assumes the role of executive chairman of the board, and who served as CEO since 2004. Sasser joined Dollar Tree as chief operating officer in 1999.

Dollar Tree acquired Family Dollar in 2015 following a heated bidding war with rival Dollar General, becoming the largest dollar store chain in the United States. Dollar Tree's market value spiked to about $19.8 billion from $2.3 billion since Sasser took the top job in 2004, the company said.