Investing.com -- Dollar Tree jumped in afterhours trading Monday after the budget retailer said that Rick Dreiling is set to stepped down as chief executive and chairman owing to health reasons.

"With my health presenting some new challenges over the past two months, the time is right for me to step away and focus on myself and my family,” Dreiling said in a statement on Monday.

Dollar Tree Inc (NASDAQ:DLTR) was up more than 4% in afterhours trading following the news.

Chief Operating Officer Michael C. Creedon Jr. has taken the reigns as interim CEO, with Lead Independent Director Edward Kelly elected as chairman, the company said. Dollar Tree reiterated its forecast for Q3 and said it has begun its search for a permanent CEO.

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