Dollar Tree appoints former Tyson executive as CFO

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(Reuters) -Dollar Tree on Wednesday named former Tyson Foods executive Stewart Glendinning as chief financial officer amid new CEO Michael Creedon’s efforts to accelerate a revamp at the company struggling with weak demand and intense competition.

Glendinning joined the company earlier this year in a senior role, focusing on key areas within its finance organization and the review of strategic options for the Family Dollar business.

“In his short time with us, he’s contributed significantly to the review of strategic alternatives for our Family Dollar business, where we continue to make good progress,” Creedon said in a statement.

Glendinning will assume charge on March 30 and will succeed Jeff Davis, who stepped down as finance chief at the end of fiscal 2024.

Dollar Tree is restructuring after ceding market share in the face of heightened competition from larger retailers such as Walmart, which has worked to offer consumers everything from groceries to food items at the lowest price.

The company is looking for the potential sale or spinoff of the Family Dollar banner, which it bought in 2015 and has been the main underperformer.

Davis’ exit followed former CEO Rick Dreiling’s decision to step away due to health-related concerns.

Glendinning comes to Dollar Tree from Bonobos and UpWest brands owner Express. Before that, he had held global CFO roles at Tyson Foods and Molson Coors.

Dollar Tree is expected to report fourth-quarter earnings on March 26. It had warned in December that steep promotions during the holiday quarter could pressure its margins.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber and Sriraj Kalluvila)