US discount retailer Dollar Tree, Inc has named Michael Witynski as its new president and CEO amid the news that Gary Philbin is to retire.

Witynski joined the company in 2010 as senior vice president of stores, rising to president and COO of Dollar Tree stores in 2017. He was then promoted to Enterprise President in 2019, where he was responsible for leading the merchandising, store operations, and supply chain functions for both the Dollar Tree and Family Dollar brands.

"Under Mike's leadership, we have driven outstanding performance — first at Dollar Tree and most recently at Family Dollar. He helped put in place a broad range of operational and talent initiatives to position our company for an even more successful future, as witnessed by the recent successes at Family Dollar," said executive chairman, Bob Sasser.

Witynski added: "We have great momentum; our sales and margins are encouraging; our work to improve the customer experience is driving traffic; and we are now capturing more of the benefits inherent in bringing the Dollar Tree and Family Dollar management teams together under one roof."

Philbin, who joined Dollar Tree in 2001 and became CEO in 2017, will remain with the company as an executive and member of the board of directors through 23 September. 

Dollar Tree operated 15,370 stores across 48 states and five Canadian provinces as of 2 May. Stores operate under the brands of Dollar Tree, Family Dollar, and Dollar Tree Canada. 

In its most recent quarterly results, the company reported an 8.2% increase in consolidated net sales to US$6.29bn from $5.81bn in the prior year's first-quarter. Net income in the period, meanwhile, fell to $247.6m from $267.9m.