Dive Summary:
- Michael Bloom, the president and COO for Family Dollar stores, has resigned his position with the company following a string of lackluster financial reports.
- Bloom spent two years with Family Dollar after joining the company’s ranks following a stint with CVS, prior to his resignation.
- Additionally, Family Dollar announced the promotion of Jason Reiser to the role of EVP and chief merchandising officer for the company.
Dive Insight:
The executive leadership changes for Family Dollar were announced after the company reported abysmal sales figures during Q1, which ended in Nov. 2013. The company followed up the worrisome revenue figures by reporting a decline in same-store sales of 3% in December.
“While we have made meaningful progress to improve our execution, our financial performance has not met our expectations. We have a great business model and ample growth opportunity, and I know we can do better,” stated Family Dollar chairman and CEO, Howard Levine.
