Dollar General Corp. has revealed that CEO Todd Vasos will retire from his current position on Nov. 1. The company’s board of directors has approved the promotion of Jeffery Owen, COO of Dollar General since 2019, to succeed Vasos as CEO immediately following his retirement.
To ensure a smooth leadership transition, Vasos will take a senior advisory position that will last through April 1, 2023, at which time he will retire from employment with the company. Vasos will then enter into a two-year consulting agreement and continue as a member of the company’s board of directors.
“On behalf of the board of directors, I want to thank Todd for his many years of service to Dollar General, his outstanding leadership, commitment to our values and dedication to the company, its employees, customers, communities and shareholders,” noted Michael Calbert, chairman of Dollar General’s board of directors. “Todd led Dollar General through a period of significant transformation, accelerated growth and innovation. 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.”
Vasos has been CEO and a member of the board since June 2015. He came to Dollar General in 2008 as EVP, division president and chief merchandising officer and held the role of COO from 2013 until his promotion to CEO. During Vasos’s time at the helm, the company grew its store base by about 7,000 stores, added almost 60,000 net new jobs, boosted annual sales revenue by more than 80%, and more than doubled its market capitalization to around $58 billion. Vasos currently serves on the boards of directors for the Retail Industry Leaders Association (RILA) and KeyCorp.
Under Vasos’s guidance, the company developed and delivered on such key strategic initiatives as self-distribution of frozen and refrigerated goods (DG Fresh), in addition to various non-consumable initiatives, including the pOpshelf retail concept, and considerable digital expansions. He also headed Dollar General's efforts to expand the availability of fresh produce to 2,300-plus stores, rolled out the DG Private Fleet driver program, opened 16 additional distribution centers, and most recently, revealed the company’s planned entry into Mexico.
“Serving my fellow employees, our customers and our communities as CEO has been the greatest privilege of my career,” said Vasos. “Together, we ushered in an era of unrivaled growth while staying true to our mission of Serving Others. Today, we are so much more than a dollar store, proudly serving millions of Americans as their neighborhood general store. Having worked with Jeff for many years, I am confident in his leadership abilities and capability to lead Dollar General into our next chapter of growth and service.”
Owen has been COO since August 2019 having previously held the roles of EVP, store operations from 2015 to 2019 and SVP, store operations from 2011 to 2014. His earlier roles at the company include VP, division manager; retail division manager; senior director, operations process improvement; and store manager. Owen began his Dollar General career in 1992 as a store manager trainee in Nashville, Tenn. He will be elected to membership of Dollar General’s board once he becomes CEO. Owen has also served as a director of Kirkland’s Inc. since March 2015.
“I am deeply honored to have the opportunity to build on Todd’s incredible tenure as CEO,” said Owen. “I am equally humbled 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. For the past three decades, I’ve grown and developed within our company, and I couldn’t be prouder to serve as CEO alongside an amazing team in our stores, distribution centers, private fleet and Store Support Center.”
During Owen’s nearly 30-year stint with Dollar General, it has grown from 1,500 stores in 23 states into the largest retailer by store count in the United States, with more than 18,000 stores and 28 distribution centers in 47 states. Goodlettsville, Tenn.-based Dollar General is No. 15 on The PG 100, Progressive Grocer’s 2022 list of the top food and consumables retailers in North America, and was named the publication’s 2021 Retailer of the Year. In May and June of this year, the company made various executive leadership changes and promotions.