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Friday, January 27, 2023

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Dollar Tree CEO Dreiling to replace CEO Witynski

Symbol Price Change %Change
DLTR $153.45 2.46 1.63

Dollar Tree Inc said Tuesday that Chief Executive Richard Dreiling will replace Chief Executive Mike Witynski, nearly a year after agreeing to renew its board in a deal with activist investor Mantle Ridge.

Witynski was named CEO in July 2020 to succeed Gary Philbin, who retired after serving in the role for nearly three years.

Dreiling, 69, who previously served as chairman and CEO of rival Dollar General, was appointed to Dollar Tree’s board of directors as part of the deal in March 2022. He will take over as CEO of the company at starting January 29.

In late 2021, Mantle Ridge led a review of Dollar Tree and Dreiling’s business strategy as the senior head at the discount retailer along with a review of its board of directors.

In November of last year, the company lowered its full-year earnings forecast for the second time as price cuts to lure buyers fearful of inflation put pressure on its margins.

As part of the deal with Mantle, Dollar Tree announced in June the departure of chief financial officer Kevin Wampler and some other top executives.

Breaking news

Futures at a glance

Symbol Price Change %Change
HMM $122.62 1.97 1.63
JNJ $168.31 -0.43 -0.25
GE $79.77 2.09 2.69

US stocks fell broadly as investors digested mixed earnings from companies including 3M Johnson & Johnson and General Electric.

Over the past five days, the Dow is down about 2.33%, the S&P is still up about 0.16%, and the tech-heavy Nasdaq is up about 2.42% over the same weather.

In commodities, West Texas Intermediate crude futures were up 0.55% at $82.07 a barrel, while gold was up 0.48% at $1,937.80 an ounce.

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3M cutting jobs

3M, the maker of Post It Notes and Scotch tape, will lay off 2,500 workers citing macroeconomic challenges, CEO Mike Roman has announced.

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Ticketmaster, Live Nation at the Capitol

After ruining Taylor Swift’s glitzy tour, online ticket sellers have some explaining to do before Congress.

tax verification

The new year will also bring big tax changes for both small and large businesses.

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