8-KLeadership ChangesRegulation FDExhibits & Filings

DOLLAR TREE, INC. 8-K Report, Executive Changes (Sep 26, 2022)

Filed September 26, 2022For Securities:DLTR

Summary

Dollar Tree, Inc. (DLTR) announced on September 26, 2022, the appointment of Michael C. Creedon, Jr. as its new Chief Operating Officer, effective October 3, 2022. Mr. Creedon brings extensive experience in retail operations, most recently serving as Executive Vice President, U.S. Stores at Advance Auto Parts. His appointment signals a strategic move to strengthen the company's operational leadership as it navigates its growth trajectory. This filing details Mr. Creedon's compensation package, which includes a substantial base salary, performance-based bonuses, and significant equity awards. The company has structured his remuneration to align with performance and retention, offering a $500,000 signing bonus and a $1,200,000 sign-on equity grant. Investors should note the robust incentive structure designed to drive future performance and retain key executive talent within the organization.

Key Highlights

  • 1Appointment of Michael C. Creedon, Jr. as Chief Operating Officer, effective October 3, 2022.
  • 2Mr. Creedon's prior experience includes senior operational roles at Advance Auto Parts.
  • 3Annual base salary of $850,000, subject to adjustment.
  • 4Eligible for an annual cash incentive bonus with a target of 100% of base salary.
  • 5Target annual long-term equity incentive award of $2,300,000 beginning in fiscal year 2023.
  • 6Receives a $500,000 cash signing bonus and a $1,200,000 initial sign-on equity grant.

Frequently Asked Questions

The appointment of Michael C. Creedon, Jr. as Chief Operating Officer is significant as it brings in new executive leadership with a strong background in retail operations, likely aimed at enhancing the company's operational efficiency and growth strategies.

Mr. Creedon's compensation includes an $850,000 base salary, a potential 100% target annual bonus, a $500,000 signing bonus, and a $1,200,000 sign-on equity grant. He will also be eligible for future long-term equity awards with a target value of $2,300,000 annually starting in fiscal 2023.

The filing explicitly states there are no reportable transactions between Mr. Creedon or his immediate family members and Dollar Tree, Inc. or its subsidiaries. Additionally, there are no disclosed family relationships between Mr. Creedon and any current directors or executive officers of the company.

Mr. Creedon's employment is on an at-will basis and he does not have a formal employment contract. However, he will enter into an executive agreement with restrictive covenants and severance provisions, as well as a standard indemnity agreement for directors and officers.