Family Dollar Boosts CFO to President

The discount retailer seems to be looking to Kelly to help pull it out of the doldrums: since its high nearly three years ago, the company's share price has nearly halved.

Family Dollar Stores Inc. has promoted finance chief R. James Kelly to president and chief operating officer. He will continue to serve as CFO while the company searches for a replacement.

Kelly joined the discount retailer as vice chairman and CFO and chief administrative officer in January 1997. In his new role, he will oversee all business operations of the company, including store operations, merchandising, real estate, supply chain, and technology.

Family dollar reported that it raised Kelly’s salary to $600,000. He received between $450,000 and $463,000 in each of the past three years.

The company seems to be looking to Kelly to help pull it out of the doldrums. Since their high nearly three years ago, the company’s share price has nearly halved. Last year, its earnings fell more than 15 percent.

“Since joining Family Dollar almost ten years ago, Jim has contributed significantly to the company’s success, providing strong leadership and strategic and operational vision,” said the company’s chairman and CEO, Howard R. Levine. “Jim understands the needs of our customer and knows our management team well. In his new position, Jim will lead our operations as we continue to focus on delivering better execution and stronger financial returns.”

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