Dollar Tree in its engagement with Mantle Ridge, reconstitution of its Board of Directors and entry into the Stewardship Framework Agreement with Mantle Ridge

On March 8, 2022, Dollar Tree announced that, with the benefit of extensive input from shareholders, it will move forward with a reconstituted Board of Directors that includes both current and new directors.  Under the plan, distinguished retail executive Richard Dreiling will join Dollar Tree’s Board and Team as Executive Chairman, working with Dollar Tree President and CEO Mike Witynski to drive value creation and capture new opportunities. Richard Dreiling, Mantle Ridge founder Paul Hilal, five new independent directors unaffiliated with Mantle Ridge and five continuing directors will comprise the reconstituted twelve-member Board. The Board will add a new Finance Committee and will restructure the existing Nominating, Governance and Sustainability and Compensation Committees in order to create a new, separate committee focused on Sustainability and Corporate Social Responsibility.  Wachtell, Lipton, Rosen & Katz is serving as counsel to Dollar Tree.