Amid a year of expansion, Dollar General’s CEO Todd Vasos has decided to retire from the role he has held since June 2015, effective Nov. 1, 2022. Current COO Jeffery Owen, a 30-year Dollar General veteran, has been named as Vasos’ successor.
Vasos joined Dollar General in 2008 as the company’s EVP, Division President and CMO. In 2013, prior to his appointment as CEO, Vasos served as COO. Following his retirement, Vasos will stay on as a senior advisor until April 1, 2023 to aid with the transition. He will also serve as a consultant to the company under a two-year agreement and continue to serve as a board member.
Incoming CEO Owen’s promotion to the top role aligns with Dollar General’s reputation for promoting within. He began his career with the company as a store manager trainee in Nashville, Tenn. and worked his way through the ranks, eventually serving in roles such as Senior Director of Operations and Process Improvement, Retail Division Manager and EVP of Store Operations. He is expected to be elected as a member of Dollar General’s Board upon the start of his tenure as CEO.
“I am deeply honored to have the opportunity to build on Todd’s incredible tenure as CEO,” said Owen in a statement. “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.”
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Under Vasos’ leadership, Dollar General experienced extraordinary growth with the company’s annual sales revenue increasing by more than 80% while its market capitalization doubled to approximately $58 billion. In that time, Dollar General also expanded its footprint by approximately 7,000 stores and added nearly 60,000 net-new jobs. In March 2022, the company shared that during FY 2022 — which ends Feb. 3, 2023 — it plans to increase its total workforce by 6% adding approximately 10,000 more new jobs to support its continued expansion, outlined late last year. Those plans include:
- Expansion into Mexico during FY 2022;
- More than 1,000 new store openings in the U.S.;
- 1,750 store remodels; and
- 100 store relocations.
Other major strategic developments during Vasos’ tenure included a launch into the self-distribution of frozen and refrigerated goods with DG Fresh and the of the pOpshelf retail concept targeted to a more upscale consumer.
