MATTHEWS, N.C. (AP) -- Family Dollar Stores Inc.'s president and chief operating officer, R. James Kelly, plans to retire after 15 years with the retailer, the company said Tuesday.
The discounter said Kelly will serve as vice chairman for the next six months to help with the transition.
Family Dollar has named CVS Caremark Corp. executive Michael Bloom to replace Kelly. It also promoted Dorlisa Flur to become its vice chair of strategy and chief administrative officer.
Bloom worked previously for CVS Caremark as executive vice president of merchandising, supply chain, marketing and advertising. Flur joined Family Dollar in 2004 and worked most recently as executive vice president and chief merchandising officer.
The company said the changes reflect several years of succession planning.
Family Dollar, based in Matthews, N.C., operates more than 7,000 discount stores across 44 states.
Shares of the company fell 47 cents to $54.38 in midmorning trading.