Dollar Tree announces departure of finance chief, senior executives

A Dollar Tree sign is seen outside the store in Washington.

In the weeks after the discount chain reached a settlement with activist investor Mantle Ridge, the exit of finance chief Kevin Wampler and some other top executives was announced by Reuters- Dollar Tree Inc.

The settlement added seven new directors, including former Dollar General Corp Chief Executive Officer Rick Dreiling and Mantle Ridge founder Paul Hilal.

Mantle Ridge, one of the company's biggest investors, pushed for a board refresh and a review of its business strategy in December, saying that the stock price was lagging competition.

This year, the shares have bounced 12% as investors expect more consumers to trade down dollar stores due to record inflation.

Wampler, who has been with Dollar Tree's chief financial offer for nearly 14 years, will leave the role when a successor is named and will stay with the company as an adviser until April 2023.

The company is in advanced talks with several candidates for replacements, as Chief Operating Officer Thomas O'Boyle and three other executives are no longer with the chain, according to Dollar Tree.

Executive Chairman Rick Dreiling said in a statement that the board was fully aligned with CEO Mike Witynski and that now is the right time to bring in new leadership to ensure Dollar Tree remains on a strong trajectory.