Dollar Tree Shares Pop As It Resolves With Mantle Ridge On Board Composition

Dollar Tree Inc DLTR has reconstituted its board of directors, that includes both current and new directors.
Under this plan, the company's board will comprise Richard (Rick) Dreiling as Executive Chair, Paul Hilal, founder and CEO of Mantle Ridge LP, as Vice Chair, five other new directors, and five continuing directors.
Mantle Ridge owns a ~$1.8 billion worth stake in the retailer, regulatory filing shows.
Mantle Ridge had earlier nominated a full slate of 11 directors to the company's board.
Five additional new independent directors are Ned Kelly, Cheryl Grisé, Daniel Heinrich, Mary Laschinger, and Bertram Scott.
Dollar Tree's President and CEO Michael Witynski and current independent directors Thomas Dickson, Jeffrey Naylor, Winnie Park, and Stephanie Stahl will continue serving on the board.
Bob Sasser, Arnold Barron, Gregory Bridgeford, Lemuel Lewis, Carrie Wheeler, and Thomas Whiddon will retire from the board.
Recently, Dollar Tree disclosed that Bob Sasser intends to retire from his role as Executive Chairman.
These board transitions will be effective following the filing of the company's Form 10-K for the recently completed fiscal year, which is expected to occur later this month.
Related: Dollar Tree Stock Slides After Mixed Q4 Results, Moderate Sales Outlook
Price Action: DLTR shares are trading higher by 3.99% at $146.48 on the last check Tuesday.