Dollar Tree Inc. says the former CEO of Family Dollar has resigned from the Chesapeake company’s board of directors.
Dollar Tree announced Friday that Howard R. Levine resigned from the board April 19, noting there were no disagreements between Levine and the company.
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The resignation allows Levine to sell no more than 500, 000 shares of stock during a five-day trading period if he chooses to. While an employee or director of the company, he was limited in the amount of stock he could sell.
Dollar Tree bought Family Dollar and its more than 8, 200 stores in July 2015 in a merger worth $9.2 billion. Dollar Tree now has more than 14, 000 stores combined.
As of about a year ago, Levine owned about 5.28 million shares of Family Dollar stock that, when converted in the merger, would have been worth 1.3 million shares of Dollar Tree.
Levine stepped down as CEO of Family Dollar in January, collecting the majority of $8.9 million in severance costs Dollar Tree recorded in its fourth quarter, but remained on the board until this month.
Family Dollar was started by Levine’s father, Leon Levine, who opened the first store in Charlotte, N.C., in 1959.
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