Deep discounter Dollar Tree (NASDAQ: DLTR ) announced today that its current chief operating officer, Gary Philbin, will now also carry the title of president, a position previously held by company CEO Bob Sasser.
Philbin has worked for the discounter since 2001, when he was appointed senior VP of stores and has 30 years experience in the retail grocery industry. He was promoted to Chief Operating Officer in March 2007.
In a statement, Sasser commented, "I am thrilled to have Gary assume this new role. As Chief Operating Officer, he has demonstrated outstanding leadership and superb business judgment, and he has been a major contributor to our growth and success. Among his many notable achievements are the improvement of Dollar Tree customer satisfaction and shopping experience and the integration of our Canadian stores."
Headquartered in Chesapeake, Va., Dollar Tree operates 4,763 stores in 48 states and five Canadian provinces, with total retail selling square footage of 41.2 million. Shares of the discounter have gained more than 22% so far this year.