Howard Levine, chief executive officer of the Family Dollar retail chain, has added $45 million to his charitable foundation, more than tripling its size, reports the Charlotte Observer. With the gift, the assets held by the Howard R. Levine Foundation, a donor-advised fund administered by the Foundation for the Carolinas, total $65 million.
The contribution consists of 600,000 shares of Family Dollar stock, the value of which has risen considerably in recent years as potential buyers battled for the firm, based in Matthews, N.C. The takeover fight ended in January when Family Dollar was sold to competitor Dollar Tree. Mr. Levine said the donation was in the works before the sale and that his foundation will focus on food, housing, and other social-service programs for low-income people in the company’s home base of Mecklenburg County.