“We have built a solid and scalable infrastructure,” Sasser says. “We have room to grow and tremendous opportunities to serve more customers in more ways, while increasing returns for our long-term shareholders. Our company's future has never been brighter.”

Philbin joined Dollar Tree in 2001 as SVP of stores, and was promoted to COO in 2007 and to President and COO in 2013. In July '15, Philbin assumed the role of president and COO of Family Dollar upon its acquisition by Dollar Tree. This past January, he was promoted to enterprise president, with responsibilities for both Dollar Tree and Family Dollar banners.

“Working with our board of directors, I have been planning leadership succession for some time and we are confident this will be a seamless transition, both inside and outside of the company,” Sasser says. He adds that the company's board and leadership have “complete confidence” in Philbin's ability to lead the company through its next phases of growth.

CHESAPEAKE, VA—Dollar Tree Inc. said Monday that Bob Sasser, the discount retailer's CEP since 2004, was taking the role of executive chairman, effective immediately. His successor as president and CEO is Gary Philbin, who is also taking a seat on the Dollar Tree board as part of a planned succession.

Sasser joined Dollar Tree as COO in 1999. Over the course of his 13-year tenure as CEO, Dollar Tree increased its store count more than tenfold, from fewer than 1,200 locations to more than 14,500.

That enlarged footprint is due in part to six mergers and acquisitions completed on Sasser's watch, including the $9.1-billion buy of Family Dollar Stores in 2015. The vast majority of Dollar Tree's stores are net leased by the company, generally with initial terms of five years, according to its latest annual report.

With Sasser at the helm, the company's market capitalization has grown from approximately $2.3 billion to $19.8 billion. Its 2017 revenues are projected to exceed $22 billion.

“We have built a solid and scalable infrastructure,” Sasser says. “We have room to grow and tremendous opportunities to serve more customers in more ways, while increasing returns for our long-term shareholders. Our company's future has never been brighter.”

Philbin joined Dollar Tree in 2001 as SVP of stores, and was promoted to COO in 2007 and to President and COO in 2013. In July '15, Philbin assumed the role of president and COO of Family Dollar upon its acquisition by Dollar Tree. This past January, he was promoted to enterprise president, with responsibilities for both Dollar Tree and Family Dollar banners.

“Working with our board of directors, I have been planning leadership succession for some time and we are confident this will be a seamless transition, both inside and outside of the company,” Sasser says. He adds that the company's board and leadership have “complete confidence” in Philbin's ability to lead the company through its next phases of growth.