Dollar Tree Director Conrad M. Hall to Retire at 2020 Annual Meeting
November 19 2019 - 7:30AM
Business Wire
Dollar Tree, Inc. (NASDAQ: DLTR), North America’s leading
operator of discount variety stores, today announced that long-time
director Conrad M. Hall intends to retire at the 2020 Annual
Meeting of Shareholders. Serving as an independent director since
January 2010, Mr. Hall’s experience as a former Chief Executive
Officer and his demonstrated success in new business development
have been integral to Dollar Tree’s board. During Mr. Hall’s
tenure, the Company’s retail store base has more than tripled in
size, from 4,100 to nearly 15,300 stores; annual revenues have
grown nearly fourfold from $5.9 billion to a projected $23
billion-plus in fiscal 2019; and the Company’s share price has
increased more than 550%.
“Conrad Hall’s contributions have been instrumental to Dollar
Tree’s success over the past decade. On behalf of the entire board,
I want to thank Conrad for his valued service and tireless efforts
to best serve the interests of all Dollar Tree shareholders. We
wish Conrad all of the best in his retirement,” stated Bob Sasser,
Dollar Tree’s Executive Chairman. “As we move forward, we will
continue to identify director candidates who can add fresh, diverse
perspectives and bring relevant experience and skillsets that will
increase our effectiveness and enhance alignment with our
shareholders and other stakeholders.”
Noting that Dollar Tree has added five new highly qualified
independent directors to its 13-member board since 2016, Sasser
added, “Regular refreshment of our board, strengthened diversity
and adherence to best governance practices continue to be
priorities for us.”
As outlined in the most recent proxy, the Company seeks to
balance the benefits of gaining fresh perspectives, adding relevant
skillsets and optimizing average director tenure with the
importance of leveraging institutional and industry knowledge of
the Company’s seasoned directors. To balance the substantial number
of new directors recently added with risks of losing too many
experienced directors in a compressed timeframe, the Board has
adopted a waterfall strategy: a steady, measured approach to
director retirements. Beginning in 2020, as newer board members
continue to gain needed experience, the Company expects to engage
thoughtfully in additional Board refreshment and director
departures. The goal is to reach and maintain a relatively balanced
mix of short, medium and long-term tenured directors. Today’s
announcement of Mr. Hall’s planned retirement from the Board and
anticipated addition of a new director further demonstrates the
Company’s governance strategies.
About Dollar Tree, Inc.
Dollar Tree, a Fortune 200 Company, operates more than 15,000
stores across 48 states and five Canadian provinces. Stores operate
under the brands of Dollar Tree, Family Dollar, and Dollar Tree
Canada. To learn more about the Company, visit
www.DollarTree.com.
A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release
contains "forward-looking statements" as that term is used in the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by the fact that they address future
events, developments or results and do not relate strictly to
historical facts. Any statements contained in this press release
that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements include,
without limitation, statements preceded by, followed by or
including words such as “believe,” “anticipate,” “expect,”
“intend,” “plan,” “view,” “target” or “estimate,” “may,” “will,”
“should,” “predict,” “possible,” “potential,” “continue,”
“strategy,” and similar expressions. For example, our
forward-looking statements include statements regarding our board
refreshment policies and process, the timing and criteria for
selection of new directors, board diversity and director tenure.
These statements are subject to risks and uncertainties. For a
discussion of the risks, uncertainties and assumptions that could
affect our future events, developments or results, you should
carefully review the "Risk Factors," "Business" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections in our Annual Report on Form 10-K filed March
27, 2019, and other filings with the Securities and Exchange
Commission. We are not obligated to release publicly any revisions
to any forward-looking statements contained in this press release
to reflect events or circumstances occurring after the date of this
release and you should not expect us to do so.
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version on businesswire.com: https://www.businesswire.com/news/home/20191119005141/en/
Dollar Tree, Inc. Randy Guiler, 757-321-5284 Vice President,
Investor Relations www.DollarTree.com DLTR - G
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