Dollar General Reinstates Former CEO to Help ‘Refocus’ Strategic Direction

Dollar General Corp. has appointed its former chief executive and current board member Todd Vasos as its CEO, effective immediately. Vasos succeeds Jeff Owen, who is stepping down from the position as Dollar General’s board “has determined that a change in leadership is necessary to restore stability and confidence in the company moving forward.”

Vasos previously served as the retailer’s CEO from June 2015 to November 2022 and has agreed to return as its chief executive for the foreseeable future. Vasos will remain a member of Dollar General’s board of directors, a role he has held since 2015. 

“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,” said Michael Calbert, chairman of Dollar General’s board of directors.

Continued Calbert: “Dollar General has operated from a position of strength for nearly 85 years, and the Board believes Todd is the right leader to refocus the Company’s strategic direction and priorities to stabilize the business.”

“Since Todd’s retirement in April, he has remained active as a member of our board and is acutely aware of the challenges facing our business and the industry more broadly,” Calbert said. “We are confident Todd’s deep expertise and familiarity with Dollar General, as well as the strong relationships and respect he has maintained with our executive team, will support a seamless transition.”

Vasos joined Dollar General in 2008 as EVP, division president and chief merchandising officer and was promoted to chief operating officer in 2013. During his tenure as CEO, beginning in 2015, Vasos helped accelerate growth and innovation, expanding the company’s footprint by approximately 7,000 stores, added nearly 60,000 net new jobs, increased annual sales revenue by more than 80% and more than doubled its market capitalization to approximately $58 billion.  

“I am honored to be rejoining Dollar General at this pivotal time for our company,” said Vasos. “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.”

The move comes following a mixed bag of financial results for the company’s second quarter, ended Aug. 4. The reporting period was punctuated by a net sales increase of 3.9% to $9.8 billion over Q2 last year, and a same-store sales decrease of 0.1%. Operating profit also decreased 24.2% to $692.3 million, and diluted earnings per share decreased 28.5% to $2.13.

“While we are not satisfied with our overall financial results, we made significant progress in the second quarter improving execution in our supply chain and our stores, as well as reducing our inventory growth rate and further strengthening our price position,” said then-CEO Owen.

As of Aug. 4, Goodlettsville, Tenn.-based Dollar General operated 19,488 Dollar General, DG Market, DGX and pOpshelf stores across the United States, and Mi Súper Dollar General stores in Mexico. The company is No. 16 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America.