CHESAPEAKE, Va. (WAVY) — Dollar Tree chairman and CEO Rick Dreiling stepped down Sunday, citing health concerns, the company announced. Michael C. Creedon Jr., chief operating officer, has been appointed as interim CEO, while Edward (Ned) J. Kelly III, the lead independent director, has been elected chairman. Dollar Tree's board is conducting a search for a permanent CEO, to include internal and external candidates. “With my health presenting some new challenges over the past two months, the time is right for me to step away and focus on myself and my family,” Dreiling said in a statement. “I have been honored to serve the customers and associates of Dollar Tree and Family Dollar since 2022. Having worked side-by-side with Mike, I am confident in his strong leadership, deep passion for our business and ability to create value.” Said Kelly: “On behalf of the entire Board, I want to thank Rick for his leadership and for his contributions to the company during his tenure. We support Rick’s focus on his health and wish him all the best. We are fortunate to have a talented leader in Mike Creedon to step in and help drive us forward.” Paul Hilal, vice chair of Dollar Tree's board of directors, said Creedon is prepared for the new role. "It builds upon his important contributions and the expansion of his responsibilities earlier this year," Hilal said. "The entire Board is grateful for Rick’s partnership, and his efforts building up and positioning the team for a seamless transition.” Creedon praised Dreiling, saying they have been grateful to have worked so closely with him. “Looking forward, we are well-prepared to help both banners reach their fullest potential," Creedon said. “We are excited about our current trajectory and are focused on delivering a successful holiday season. We will continue accelerating growth at Dollar Tree, and we remain focused on identifying the best path forward for Family Dollar.” The company said its third quarter same store net sales "tracked well through the quarter. It expects to report third quarter financial results Dec. 4. It is also working to decide what to do with its Family Dollar stores, which it said "could include, among others, a potential sale, spin-off or other disposition of the business." Creedon has served as Dollar Tree COO since 2022, and in February 2024, added Dollar Tree and Family Dollar merchandising and supply chain to his role. Dollar Tree has more than 16,300 stores across 48 states and five Canadian provinces as of Aug. 3, operating as Dollar Tree, Family Dollar and Dollar Tree Canada.