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Dollar Tree names COO as president

CHESAPEAKE, Va. (AP) -- Dollar Tree's chief operating officer will take on the role of company president as well Monday.

Gary Philbin, 56, will assume all responsibilities that until Monday had been performed by CEO Bob Sasser.

Philbin joined the discount retailer as senior vice president of stores in 2001. He was named chief operating officer in 2007.

The company late last month reported that first-quarter profit increased 15 percent.