Dollar General has asked former CEO Todd Vasos to step back into the leadership role. Vasos is replacing Jeff Owen, a 30-year+ Dollar General veteran who was named CEO when Vasos initially retired from the job in July 2022. Vasos remained on the retailer’s board of directors after stepping down.
“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 the Dollar General Board of Directors in a statement. “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.”
During Vasos’ initial seven-year stint as CEO, Dollar General expanded its brick-and-mortar footprint by approximately 7,000 stores, added nearly 60,000 net new jobs and increased annual sales revenue by more than 80%. He joined Dollar General in 2008 as EVP, Division President and Chief Merchandising Officer, and was promoted to COO in 2013.
The retailer has had a volatile year. On the downside, activist investors called for a worker safety audit of Dollar General in May 2023, following OSHA violations carrying more than $1 million in fines. In September 2023 Dollar General revised its 2023 fiscal outlook downward after a decrease in same-store sales and profits during its Q2, which ended Aug. 2, 2023.
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On the plus side, Dollar General enhanced its retail media network in March 2023, added more than 100 private label items and expanded its fresh offerings in July 2023.
