Todd Vasos Returns as Dollar General CEO to ‘Restore Stability’

Dollar General appointed current board member and former CEO Todd Vasos as its new CEO, effective Thursday (Oct. 12).

Vasos will remain a member of the board of directors, a role he has held since 2015, while returning to lead the company “for the foreseeable future,” Dollar General said in a Thursday press release.

He succeeds the previous CEO, Jeff Owen, who has separated from the company and resigned from its board effective Thursday, according to the release.

“The board has tremendous respect for Jeff and greatly appreciates his many contributions to the company, especially during his long tenure leading our retail operations,” Michael Calbert, chairman of the board of directors of Dollar General, said in the release. “However, at this time the board has determined that a change in leadership is necessary to restore stability and confidence in the company moving forward.”

Dollar General shares rose 8% in late trading following the announcement, Bloomberg reported Thursday. Shares fell by 60% under Owen.

The retailer was deemed a “severe violator” of federal workplace safety law in 2022, has struggled with employee retention in recent years and cut its profit forecast on Aug. 31, according to the report.

Vasos served as Dollar General CEO from June 2015 to November 2022, according to the company’s press release. During that time, the company added 7,000 stores and nearly 60,000 net new jobs, increased annual sales revenue by more than 80% and more than doubled its market capitalization.

Following his first tenure as CEO, Vasos served as senior adviser before retiring from the company in April, the release said.

“I am honored to be rejoining Dollar General at this pivotal time for our company,” Vasos said in the release. “I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders.”

During the company’s most recent earnings call, Dollar General reported a decrease of 0.1% in same-store sales and a drop of 24.2% in operating profit. It also said that shrink — theft — had affected its operations to the point of about $100 million since the previous quarter’s report.