Dollar Tree CEO Bob Sasser hands over to Gary Philbin

  • After almost 14 years on the job
  • Accolades and praise for Sasser
  • Sasser will remain as Executive Chairman at Dollar Tree
  • Sasser spoke at length and said 191 words

(exechange) — Chesapeake, Virginia, September 18, 2017 — Bob Sasser, chief executive of Dollar Tree, hands over the reins. It is an abrupt change. As announced by Dollar Tree, Inc. in a news release and in a regulatory filing published on Monday, September 18, 2017, Bob Sasser leaves the post as Chief Executive Officer at the operator of discount variety stores after almost 14 years on the job, effective immediately.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, only 36 percent of the CEOs who departed over the past twelve months left after more than ten years. Overall, the average tenure of those who left was 8.8 years, according to data compiled by exechange.

Sasser’s duties are taken over by Gary Philbin, most recently Enterprise President at Dollar Tree, Inc.

“Planned leadership succession”

The sudden management change is explained as follows. Dollar Tree said: “Dollar Tree … announced that, as part of its planned leadership succession, Bob Sasser, the Company’s Chief Executive Officer since 2004, will assume the role of Executive Chairman of the Board effective September 18, 2017.”

Share price rise since January 2008

The change follows a rise in the share price of Dollar Tree, Inc. since January 2008.

On the job as CEO since 2004

Sasser served as the Chief Executive Officer of Dollar Tree, Inc. since January 1, 2004.

Sasser previously served as the President and Chief Executive Officer from 2004 to 2013.

He was Dollar Tree’s President and Chief Operating Officer from 2001 to 2003 and Chief Operating Officer from 1999 to 2000.

Previously, from 1997 to 1999, he served as Senior Vice President, Merchandise and Marketing of Roses Stores, Inc.

From 1994 to 1996, he was Vice President, General Merchandise Manager for Michaels Stores, Inc.

Prior to 1994, he held several positions at Roses Stores, Inc., ranging from Store Manager to Vice President, General Merchandise Manager.

Sasser was elected to the Company’s Board in 2004.

He served on the Board of The Fresh Market, Inc. from 2012 to April 2016.

Read the full story in the exechange report 39.2017 ($).