Michael C. Creedon Jr., chief operating officer since the end of 2022, was named Dollar Tree’s interim leader as the company searches for a permanent appointment, according to a statement. He replaces Richard W. Dreiling, who resigned. Dreiling, who previously headed rival Dollar General Corp., has been CEO of Dollar Tree since January 2023.

Dollar Tree shares were up 6.1% at 5:08 p.m. in extended trading in New York. The stock has fallen about 53% this year so far.

Dollar Tree and other discount chains typically perform well during challenging economic times when consumers want to save money, but the segment has struggled in recent years. The Chesapeake, Virginia-based company lowered its outlook last quarter after saying its core lower-income consumers are under pressure from high inflation and interest rates — and macroeconomic pressures are also weighing on its other shoppers.