Howard Levine will step down as CEO of Family Dollar this week, six months after its sale to fellow discounter Dollar Tree.
He will retire from the company after more than 25 years on Friday, having “completed his role in the integration” of the two chains, despite previously announcing that he would stay on as chief executive for two years following the merger’s close.
Dollar Tree veteran Gary Philbin, currently serving as president and chief operating officer of Family Dollar, is expected to slip into the position.
“It was very important to me for Howard to remain with our company and to contribute to the combination of our two large organizations,” Bob Sasser, Dollar Tree CEO, said. “Howard has completed everything I have asked of him during this process and has proven to be a valuable resource to both Gary Philbin and me.”
Levine, whose family founded the chain more than five decades ago, commented, “I am appreciative for the opportunity to assist Bob and Gary through the integration of our companies. I have been impressed by Dollar Tree’s commitment to discipline and execution in running a value retail business. I am confident that both the Family Dollar and Dollar Tree banners are well-positioned for many years of growth and success.”
Dollar Tree beat out rival bidder Dollar General to acquire Family Dollar in a $9.2 billion cash and stock deal that closed last July. As part of the merger, Dollar Tree agreed to divest 330 Family Dollar stores to private equity firm Sycamore Partners in a bid to address competition concerns raised by the Federal Trade Commission.
Dollar Tree now operates more than 14,038 stores across 48 states and five Canadian provinces, including 8,200 Dollar Tree locations.