01—Abstract
Summary
Summary of the 8-K filed January 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Dollar Tree, Inc. has officially formalized the compensation and employment terms for its newly appointed Chief Executive Officer, Michael C.
Creedon, Jr. This 8-K filing details significant adjustments to Mr. Creedon's remuneration, reflecting the responsibilities of his CEO role. Key changes include an increased annual base salary and a higher target for his annual incentive compensation, signaling the company's commitment and investment in its top leadership position.
Furthermore, the filing outlines the expected long-term incentive awards for Mr. Creedon in fiscal year 2025, aligning his compensation with the broader executive compensation framework and performance objectives of the company. This comprehensive agreement replaces his prior executive contract, providing clarity and structure for his tenure as CEO and underscoring the board's confidence in his leadership to guide Dollar Tree's strategic direction.
02—Key points
Key Highlights
- Michael C. Creedon, Jr. has entered into a revised executive agreement as Chief Executive Officer of Dollar Tree, Inc.
- Mr. Creedon's annual base salary has been increased to $1,300,000.
- His target annual incentive opportunity has been raised to 150% of his base salary.
- He is expected to receive annual long-term incentive awards valued at $9,000,000 for fiscal year 2025.
- These new terms supersede and replace his previous executive agreement.
- The compensation adjustments are commensurate with the company's 2025 executive compensation program.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
This filing formally announces and details the revised executive agreement and compensation package for Dollar Tree's new Chief Executive Officer, Michael C. Creedon, Jr., superseding his previous employment contract.
How has Michael C. Creedon, Jr.'s compensation changed?
Mr. Creedon's annual base salary has increased to $1,300,000, and his target annual incentive opportunity is now 150% of his base salary. He is also expected to receive $9,000,000 in annual long-term incentive awards for fiscal year 2025.
Does this new agreement affect any previous agreements Mr. Creedon had with Dollar Tree?
Yes, this revised executive agreement explicitly supersedes and replaces any existing executive agreement that Mr. Creedon previously had with the Company.
Are Mr. Creedon's new compensation terms in line with other executives at Dollar Tree?
The filing states that his expected long-term incentive awards are commensurate with the Company's 2025 executive compensation program generally, suggesting alignment with the broader executive compensation strategy.
04—Continue