(Reuters) -Dollar Tree ( DLTR ) on Monday named retail industry veteran Duncan MacNaughton as the chief executive officer of the Family Dollar chain, which is in the process of being bought by a group of private-equity investors for about $1 billion.

MacNaughton, who served as the finance chief at Family Dollar until 2019 and has held positions at Walmart, will take over the role after the sale to Brigade Capital Management and Macellum Capital Management is completed around the second quarter of 2025, Dollar Tree ( DLTR ) said.

Family Dollar, spun off in March after a year-long search for buyers, faced stiff competition for cheaper goods from big-box outlets as well as online retailers.

Dollar Tree ( DLTR ) had outbid rival Dollar General to buy the discount store chain for about $9 billion in 2015.