Dollar Tree has announced that executive chairman Bob Sasser intends to retire as of the company’s 2022 annual meeting of shareholders.
During Sasser’s tenure, Dollar Tree grew from an operation 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, the company pointed out. Dollar Tree’s market capitalization has grown from $2.3 billion to $30.8 billion during that period.
“Bob Sasser has left an indelible mark on Dollar Tree as a result of his outstanding leadership skills, business acumen and commitment to excellence,” said Michael Witynski, president and CEO. “He has been the engineer of the company’s success and growth over the last 23 years. During his 13-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.”