(Reuters) -Dollar Tree on Monday named retail industry veteran Duncan MacNaughton as the chief executive officer of the Family Dollar chain, which is in the process of being bought by a group of private-equity investors for about $1 billion.

MacNaughton, who served as the finance chief at Family Dollar until 2019 and has held positions at Walmart (NYSE: WMT ), will take over the role after the sale to Brigade Capital Management and Macellum Capital Management is completed around the second quarter of 2025, Dollar Tree (NASDAQ: DLTR ) said.

Family Dollar, spun off in March after a year-long search for buyers, faced stiff competition for cheaper goods from big-box outlets as well as online retailers.

Dollar Tree had outbid rival Dollar General (NYSE: DG ) to buy the discount store chain for about $9 billion in 2015.