(Reuters) -Dollar Tree ( DLTR ) said on Thursday interim CEO Michael Creedon would take on the role permanently, tasking an insider to lead a turnaround of the dollar-store chain facing weak demand and intense competition.

Creedon, who worked at auto parts retailer Advance Auto Parts for nearly a decade before joining Dollar Tree ( DLTR ) in 2022, was named interim CEO last month.

His appointment came after Rick Dreiling decided to step down after a two-year stint due to health challenges.

Dollar Tree's ( DLTR ) shares were up 1% in premarket trading on Thursday. They have fallen 51% so far this year, as of last close.

Earlier this month, Dollar Tree ( DLTR ) beat third-quarter results, and said its chief financial officer Jeff Davis will step down after roughly two years on the job.

(Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi Majumdar and Sriraj Kalluvila)