Leon Levine, 65, who founded Family Dollar Stores Inc. (Matthews, N.C.) in 1959, is retiring as chairman of the board. His son, Howard Levine, currently president and ceo, will assume the chairmanship.
R. David Alexander Jr., executive vp and coo, will succeed Howard Levine as president.
“Leon Levine is one of the giants of the retail discount industry,” Howard Levine said. “Since he opened the first Family Dollar store in 1959, he has been our leader in building one of the fastest growing and most profitable retail chains in the country.”
Howard Levine has been president and ceo since 1998. He initially worked for the retailer from 1981 to 1987, then rejoined it in 1996 and was named president and coo in 1997.
The discount retailer, one of the fastest-expanding chains in the U.S., currently operates 4712 small neighborhood stores in 41 states and the District of Columbia. It has reported 27 consecutive quarters of record sales and earnings on a comparable quarter basis. It says its target customer is a woman shopping for a family that makes around $25,000 a year. It sells mostly hardlines (such as food, health and beauty aids, automotive supplies, housewares and toys), plus apparel, shoes and linens.