Introducing William T. Dillard II
Let me tell you about William T. Dillard II, the CEO of Dillard's Inc., a department store chain headquartered in Little Rock, Arkansas. As the steward of the company his father founded in 1938, I see him focused on upholding a strategy that emphasizes fashionable products paired with top-notch customer service.
Key Takeaways
You should note that William T. Dillard II took over as CEO in 1998. He was behind implementing one of the earliest computerized inventory management systems in retail. And in 2016, he earned a spot in the Arkansas Business Hall of Fame.
Early Life and Education
William T. Dillard II was born on March 4, 1945, in Nashville, Arkansas. He earned a bachelor's degree in accounting from the Sam M. Walton College of Business at the University of Arkansas in 1966, followed by an MBA from Harvard University. As the eldest son of Dillard's founder, William T. Dillard Sr., he joined the family business in 1967.
Leading Dillard's as CEO
The company, started in 1938, integrated family members into its structure. Besides William T. Dillard II, his brothers Alex and Mike hold positions as president and executive vice president, while his daughters Drue Matheny and Denise Mahaffy, plus grandson Bill Dillard III, serve as vice presidents. Dillard's went public in 1969 with two classes of stock to ensure family control and majority voting rights; today, he owns 10% of it.
Dillard's capitalized on mid-20th-century mall growth through real estate investments, owning about 90% of its store properties. Under his leadership, I've observed changes like automated inventory systems, private label branding, and more real estate acquisitions. Critics point out the management can seem insular and slow to adapt to 21st-century retail shifts.
That said, post-pandemic results in 2022 show success: it's a profitable, debt-free family business with strong real estate leverage. Stores in popular malls draw a slightly older clientele, making it less susceptible to online retail trends. In fact, 90% of sales come from in-store purchases, versus 80% for Nordstrom and 70% for Macy's.
Notable Accomplishments
William T. Dillard II has been on the Acxiom Corporation board since 1988 and Barnes & Noble's since 1993. In 2015, he received the University of Arkansas Chancellor's Medal for contributions to higher education and society, and he joined the Arkansas Business Hall of Fame in 2016.
Why a Private Label at Dillard's?
By introducing a private discounted brand, he gave customers options between premium brand names and more affordable alternatives.
His Management Style
He's known as a hands-on manager who personally oversees product lines before stocking. He often travels to stores to interact with customers and staff.
Changes Under His Leadership
As CEO, he's driven growth in physical stores and e-commerce, bolstered by inventory management, trendy products, and shareholder-backed strategies for long-term stability.
The Bottom Line
In summary, William T. Dillard II stands as a hands-on CEO at Dillard's Inc. With decades in the family business, he's guided it into the modern era while sticking to the core strategy his father set in 1938.
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