(Reuters) -Dollar Tree on Tuesday named Mantle Ridge founder Paul Hilal as a director and revamped its board, months after the activist investor pushed for an overhaul at the discount store chain.
The retailer also named rival Dollar General’s former chief executive, Richard Dreiling, as executive chairman and added five independent directors to the board.
Dollar Tree said in December it offered to explore a settlement with Mantle Ridge and hand a board seat to a former chief executive of a rival retailer, calling the firm’s decision to seek control of the company’s board “unwarrantedly aggressive”.
Mantle Ridge, which owns a $1.8 billion stake in the retailer, had nominated 11 directors in December to replace the entire board at Dollar Tree.
(Reporting by Deborah Sophia and Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri)
