GOODLETTSVILLE, Tenn.–(BUSINESS WIRE)–Dollar General Corporation (NYSE: DG) today announced the decision of Todd Vasos to step down as Chief Executive Officer (CEO), effective November 1, 2022. In addition, the Board of Directors of the company has approved the promotion of Jeffery Owen, its Chief Operating Officer since 2019, to succeed Vasos as CEO effective immediately following Vasos’ retirement from the role of CEO.
To facilitate the leadership transition, Vasos is expected to serve in a Senior Advisor role beginning November 1, 2022 and continuing until April 1, 2023, when Vasos will retire from the company. Vasos is expected to enter into a two-year consultancy contract and continue to serve on the company’s board after his retirement from the company.
“On behalf of the Board of Directors, I would like to thank Todd for his many years of service to Dollar General, his exceptional leadership, his commitment to our values and his dedication to the company, its employees, its customers, its communities and its shareholders. . Todd led Dollar General through a period of significant transformation, accelerated growth and innovation. We are a stronger, more resilient and longer-term strategic organization than when he took the helm in 2015. DG is a better company today thanks to Todd’s leadership,” said Michael Calbert, Chairman of the Board of administration of Dollar General. “The Board of Directors looks forward to continuing this strong trajectory under the leadership of Jeff Owen, who is a strategic thinker, strong collaborator and proven leader known for his inspirational leadership and deep knowledge of CEOs.
Vasos has served as Chief Executive Officer and a member of the Company’s Board of Directors since June 2015. He joined Dollar General in 2008 as Executive Vice President, Divisional President and Chief Marketing Officer and served as Chief operations from 2013 until he was named CEO. . During Vasos’ tenure as CEO, the company expanded its store base by approximately 7,000 stores, added nearly 60,000 net new jobs, increased annual revenue by more than 80% and more than doubled its market capitalization to reach approximately $58 billion. Vasos was named the most admired CEO by Nashville Business Journal in 2021 and currently serves on the boards of the Retail Industry Leaders Association (RILA) and KeyCorp.
Under Vasos’ leadership, the company created and implemented key strategic initiatives, including self-distribution of frozen and chilled products (DG Fresh), as well as various non-consumable initiatives, including its brand new retail concept pOpshelf , and significant digital expansions. He also led DG’s efforts to expand fresh produce availability to over 2,300 stores, launched the DG Private Fleet driver program, opened 16 additional distribution centers and most recently announced the company’s planned expansion. in Mexico.
During Vasos’ tenure as CEO, DG was appointed to Fortune Magazine List of the world’s most admired companies in 2020 and 2022; Forbes Top 25 responders to the Covid-19 pandemic in 2020; Retail magazine Retailer of the Year in 2019 and 2020 and recognized by the Human Rights Campaign Foundation Corporate Equality Index for its workplace inclusion efforts in 2020, 2021 and 2022.
“Serving my colleagues, our customers and our communities as CEO has been the greatest privilege of my career,” said Vasos. “Together, we have ushered in an era of unparalleled growth while remaining true to our mission to serve others. Today, we are more than a dollar store, proudly serving millions of Americans as a neighborhood general store. Having worked with Jeff for many years, I am confident in his leadership abilities and ability to lead Dollar General through our next chapter of growth and service.
Owen assumed the role of COO of Dollar General in August 2019 after serving as Executive Vice President, Store Operations from 2015 to 2019 and Senior Vice President, Store Operations from 2011 to 2014. Prior to August 2011, Owen served GM as Vice President, Division Head; Head of Retail Division; Senior Manager, Business Process Improvement; and store manager, among other roles. He began his employment with Dollar General in 1992 as a trainee store manager at a store in Nashville, Tennessee. Owen is expected to be elected to the board of directors of Dollar General after his successful promotion to CEO. He has also been a director of Kirkland’s Inc. since March 2015.
“I am deeply honored to have the opportunity to leverage Todd’s incredible tenure as CEO. I am equally honored to lead Dollar General as we continue to serve our customers with value and convenience, support the communities we proudly call home, and provide our employees with career and growth opportunities,” said Owen. . “Over the past three decades, I have grown and evolved within our company, and I couldn’t be more proud to serve as CEO alongside an amazing team in our stores, distribution centers, fleet private and our store support center. »
During Owen’s nearly 30 years tenure at Dollar General, the company has grown from 1,500 stores in 23 states to the largest retailer by number of stores in the United States with more than 18,000 stores and 28 distribution centers. in 47 states in April 2022.
Additional information about Owen, including his corporate biography and headshot photo, can be obtained by visiting the DG Press Room.
Forward-looking statements
This press release contains “forward-looking statements” as that term is used in the Private Securities Litigation Reform Act of 1995. A reader can identify forward-looking statements because they are not limited to historical facts, they address events , future developments or results. , or they are preceded, followed by or include words such as (and not limited to) “believe”, “anticipate”, “plan”, “expect”, “opportunities”, “continue” or “expect looking forward”, and similar expressions. All statements in this press release that are not statements of historical facts may be deemed to be forward-looking statements, including, without limitation, statements regarding our plans and expectations in connection with the transition of the Mr. Vasos’ leadership to Mr. Owen, Mr. Vasos’ relationship with the Company after his retirement, and other plans and expectations.
Forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those indicated or implied by the forward-looking statements. All forward-looking statements should be evaluated in the context of such risks, uncertainties and other factors, including the factors disclosed under “Risk Factors” in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission. (the “SEC”) on March 18, 2022. All forward-looking statements are qualified in their entirety by these and other cautionary statements that the Company makes from time to time in its filings with the SEC and its public communications. Dollar General cannot assure the reader that it will achieve the results or developments that the Company anticipates or, even if substantially achieved, that they will result in or affect the Company or its operations in the manner intended by the society. Forward-looking statements speak only as of the date they are made. The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise any forward-looking statements as a result of new information, future events or circumstances, or otherwise, except as required by law. Because of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or which may be made elsewhere from time to time by or on behalf of the Company.
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for over 80 years. Dollar General helps shoppers save time. To save money. Every Day.® by offering frequently used and restocked products, such as food, snacks, health and beauty products, cleaning products, basic clothing, household items and seasonal items at low prices everyday in convenient neighborhood locations. Dollar General operated 18,356 stores in 47 states as of April 29, 2022. In addition to high-quality private labels, Dollar General sells products from America’s most trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestlé, Kimberly-Clark, Kellogg’s, General Mills and PepsiCo. Learn more about Dollar General at www.dollargeneral.com.
