William Dillard 2nd is chairman and chief executive of Dillard’s, the Little Rock, Ark.-based department store chain founded by his father in 1938.

Dillard completed the company’s largest acquisition, a $3 billion deal for the 103-unit Mercantile Stores Co. in 1998, just months after he took over as ceo. His push into private label was viewed with skepticism at first, but proved a sound move that lifted sales. Although Dillard recognized technology’s potential to drive efficiency earlier than other major chains, he would face criticism for clinging to the company’s traditional tight-lipped communications style and merchandise practices that led to excess inventory at season’s end.

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He earned a BS degree in business administration from the University of Arkansas and went on to Harvard Business School to receive an MBA in 1968. That same year, he joined the family business, where he and family members would occupy senior management positions, along with board control. He rose through the ranks to executive vice president in 1973, president and chief operating officer in 1977, ceo in 1998, and finally chairman following his father’s death in 2002.

Under his leadership, the 330-store Dillard’s chain began a shift to a more upscale, contemporary merchandise mix in a push to improve profitability in 2008.

Dillard serves as a director on the boards of data information services company Acxiom Corp. and bookseller Barnes & Noble.