05:33 PM EST, 11/04/2024 (MT Newswires) -- Dollar Tree ( DLTR ) said Rick Dreiling stepped down as chief executive officer and chairman, effective Sunday, with Chief Operating Officer Michael Creedon Jr. named as interim CEO.

Lead independent director Edward Kelly III is the new chairman, Dollar Tree ( DLTR ) said Monday in a statement. Internal and external candidates will be considered for the CEO role, the company said.

"With my health presenting some new challenges over the past two months, the time is right for me to step away," Dreiling said in the statement.

Creedon, 48, served as COO since October 2022, the company said in a regulatory filing.

Fiscal Q3 same-store net sales "tracked well," the company said, reiterating Q3 guidance.

Dollar Tree ( DLTR ) on Sept. 4 projected fiscal Q3 sales of $7.4 billion to $7.6 billion on low-single-digit comparable sales growth with adjusted earnings of $1.05 to $1.15 a share.

Analysts polled by Capital IQ expect normalized EPS of $1.06 on revenue of $7.44 billion.

The company and its advisers "continue to make good progress" on a review of alternatives for the Family Dollar business segment, according to the statement.

Dollar Tree ( DLTR ) shares rose 6.7% in after-hours activity.

Price: 71., Change: +4.44, Percent Change: +6.65