Dollar General CEO Todd Vasos will retire from the position Nov. 1, with Chief Operating Officer Jeffery Owen replacing him in that role, according to a company press release Tuesday (July 12).
Vasos, who has been CEO since 2015 and part of the Dollar General management team since 2008, is expected to serve in a senior advisory position until April 1, 2023, and continue as a member of the board of directors through a two-year consulting agreement following his retirement, the release stated. Owen has been Dollar General’s chief operating officer since 2019.
“Todd led Dollar General through a period of significant transformation, accelerated growth and innovation,” said Dollar General Board of Directors Chairman Michael Calbert in the release. “We are a stronger, more resilient, and longer term strategically driven organization than when he took the reins in 2015. DG is a better company today as a result of Todd’s leadership. The board is looking 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 motivational leadership and deep knowledge of DG.”
Under Vasos, Dollar General added self-distribution of frozen and refrigerated goods through DG Fresh, as well as various non-consumable initiatives, including its newest retail concept pOpshelf, and digital expansions, according to the release. He also expanded the availability of fresh produce to more than 2,300 stores, launched the DG Private Fleet driver program, opened 16 additional distribution centers, and most recently, announced the company’s planned expansion into Mexico.
“During Owen’s nearly 30-year tenure with Dollar General, the company has grown from 1,500 stores in 23 states into the largest retailer by store count in the U.S. with more than 18,000 stores and 28 distribution centers in 47 states as of April,” the release stated.
Dollar General, which saw its first-quarter revenues grow 4%, is planning to invest in improving its in-store experience, including inventory initiatives aimed at raising the level of in-stock items, while trying to limit out-of-stock merchandise that frustrates customers.
Read more: Dollar Stores Soar as ‘Value and Convenience’ Tap Into Consumer Trade-Down
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