CHESAPEAKE, Va. — Dollar Tree Inc. executive chairman Bob Sasser plans to retire from that post prior to the company’s 2022 annual meeting. Dollar Tree said Friday that, in recognition of Sasser’s many years of service, the board has decided to give him the honorary title of chairman emeritus upon his retirement.

Bob Sasser

“Bob Sasser has left an indelible mark on Dollar Tree as a result of his outstanding leadership skills, business acumen and commitment to excellence,” Dollar Tree president and CEO Michael Witynski said. “He has been the engineer of the Company’s success and growth over the last 23 years. During his thirteen-year tenure as CEO, shareholder value increased 733%, a testament to Bob’s leadership. He successfully drove growth and improved efficiencies throughout all levels of the business, while providing the strong leadership that enabled Dollar Tree to withstand pressures from market downturns and related industry headwinds. It has been a privilege to work closely with Bob over many years, and while we will certainly miss his leadership and counsel, Dollar Tree is a stronger company because of him.”

During Sasser’s tenure, Dollar Tree has grown from a company with 18,000 employees; fewer than 1,200 stores in 33 states; four distribution centers; and less than $1 billion in annual sales to a Fortune 111 company with more than 200,000 associates; 16,000-plus retail stores; an international supply chain with 26 distribution centers across North America; and annual sales exceeding $25 billion. Dollar Tree’s market capitalization has grown from approximately $2.3 billion to $30.8 billion during this time, the company said.

“Dollar Tree would not be the company it is today without Bob Sasser,” said Gregory M. Bridgeford, Lead Independent Director. “Under Bob’s visionary leadership, Dollar Tree made an incredible transformation from a regional retailer with less than $1 billion in annual sales to an iconic retail organization across the U.S. and Canada, with more than $25 billion in annual sales and a #111 ranking on the Fortune 500. On behalf of the Board and the entire Dollar Tree organization, I want to congratulate and thank Bob for his commitment, dedication and leadership for more than two decades.”

Sasser said he was honored to have had the opportunity to lead the company and “work with such a talented management team to grow Dollar Tree into a leading retailer.”

“Dollar Tree has made, and continues to make, an incredible and positive impact on the communities it serves, and I have confidence the Company will continue to build on the brand that customers have come to know and trust,” he said. “My time with Dollar Tree has been extremely fulfilling, and I look forward to seeing all that Mike, the board and the leadership team accomplish in the years ahead.”