Sasser, 65, joined Dollar Tree in 1999 as chief operating officer. He was promoted to president and COO in 2001, and to president and CEO in 2004.
Under Sasser’s leadership, Dollar Tree has grown from a company with fewer than 1,200 stores and less than $1 billion in annual sales to one with more than 14,500 retail stores and projected 2017 revenues of more than $22 billion. That growth run encompassed six acquisitions, including the $9.1 billion acquisition of Family Dollar Stores in 2015.
Sasser said he was proud of the company and its 180,000 associates, and the work they have done during his tenure as CEO.
We have built a solid and scalable infrastructure,” he said. “We have room to grow and tremendous opportunities to serve more customers in more ways, while increasing returns for our long-term shareholders. Our company’s future has never been brighter.”
Philbin, promoted from his prior post of enterprise president to succeed Sasser as president and CEO of Dollar Tree, was also appointed to the company’s board.
Philbin, 60, joined Dollar Tree in 2001 as senior vice president of stores. He was promoted to COO in 2007, and to president and COO in 2013. He assumed the role of president and COO of Family Dollar upon its acquisition by Dollar Tree in July 2015, and in January of this year he was promoted to enterprise president with responsibilities for both Dollar Tree and Family Dollar banners.
“Gary has been a tremendous business partner to me for the past 15 years,” Sasser commented. “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.
“Succession planning has been an important part of Dollar Tree’s organizational efforts and culture for many years. Working with our board of directors, I have been planning leadership succession for some time, and we are confident this will be a seamless transition, both inside and outside of the company. Our board of directors and leadership team have complete confidence in Gary’s ability to lead Dollar Tree through its next phases of growth.”
Philbin praised Sasser as well, and agreed that the company is well positioned for further success.
“We have a strong, dedicated and capable leadership team in place to grow and improve both banners for many years,” he remarked.