8-K/ALeadership ChangesExhibits & Filings

DOLLAR TREE, INC. 8-K/A Report, Executive Changes (Jan 27, 2023)

Filed January 27, 2023For Securities:DLTR

Summary

Dollar Tree, Inc. (DLTR) has filed an 8-K detailing executive compensation changes related to the appointment of Richard W. Dreiling as Executive Chairman and Chief Executive Officer, effective January 29, 2023. This filing formalizes the compensation package for Mr. Dreiling in his expanded role, which includes a significant base salary and a performance-based bonus structure, signaling a commitment to leadership stability and performance incentives following his prior appointment as Executive Chairman. Investors should note that Mr. Dreiling's compensation reflects his dual role and the strategic importance of his leadership. While his base salary is set at $1,350,000, his potential annual cash incentive bonus is targeted at 175% of his base salary, contingent on performance. Notably, he will not receive additional long-term equity awards for this role, as a stock option award was granted in March 2022 intended to be multi-year. This executive compensation adjustment is a key event for understanding the company's investment in its top leadership and its associated costs.

Key Highlights

  • 1Richard W. Dreiling appointed as Executive Chairman and Chief Executive Officer, effective January 29, 2023.
  • 2Mr. Dreiling's annual base salary is set at $1,350,000 for his dual role.
  • 3He is eligible for an annual cash incentive bonus targeted at 175% of his base salary, based on performance.
  • 4No additional long-term equity incentive awards will be granted to Mr. Dreiling for his current role, due to a prior multi-year stock option award.
  • 5An Amendment to his Executive Agreement has been executed to reflect these new compensation arrangements and his expanded CEO responsibilities.
  • 6This filing formalizes the terms of leadership and compensation for Mr. Dreiling in his consolidated executive positions.

Frequently Asked Questions

Richard W. Dreiling will receive an annual base salary of $1,350,000. He is also eligible for an annual cash incentive bonus with a target of 175% of his base salary, subject to performance criteria.

No, Mr. Dreiling will not be eligible for additional long-term equity incentive awards for his service as Executive Chairman and Chief Executive Officer. This is because he received a stock option award in March 2022 that was intended to be a multi-year award.

The Amendment to the Executive Agreement, dated January 25, 2023, modifies the terms of his prior agreement to reflect his additional role as Chief Executive Officer and the associated compensation arrangements outlined in this filing.

Mr. Dreiling's appointment as Executive Chairman and Chief Executive Officer is effective January 29, 2023. The compensation arrangements are detailed in an amendment to his executive agreement dated January 25, 2023.