Dollar General names new CEO
Goodlettesville-based discount retailer Dollar General named its new CEO Thursday.
Todd Vasos, the company's chief operations officer, will replace CEO Rick Dreiling effective June 3.
Dreiling has served as Dollar General's CEO since 2008. Since his arrival, the company's annual sales grew from $10.46 billion in 2008 to $18.9 billion in 2014. Meanwhile, the company's store count has increased by more than 43 percent to 11,999 stores in 43 states.
Dreiling postponed his retirement this year as Dollar General embarked on a nearly yearlong takeover battle to acquire rival Family Dollar for $9.1 billion. Family Dollar rejected offers from Dollar General because of antitrust concerns associated with combining the two dollar store chains, which have similar pricing models.
In January, Family Dollar shareholders overwhelmingly approved an $8.5 billion deal with rival Dollar Tree. Combined, the companies will operate 13,000 stores in North America, meaning Dollar General will face a larger competitor.
According to a news release, Dreiling will serve as senior adviser and chairman of the Dollar General board through Jan. 29, 2016.
"The board and I are confident that Todd is the right leader for the future growth of Dollar General," Dreiling said in a statement. "Todd is a highly accomplished retail executive with whom I have had the pleasure of working for nine of the last 12 years, including more than six years at Dollar General. I look forward to supporting him in his new role to ensure a smooth and seamless transition."
Vasos joined Dollar General in December 2008 as executive vice president, division president and chief merchandising officer. He was promoted to chief operations officer in 2013. Prior to joining Dollar General, Vasos served in executive positions with Longs Drug Stores Corporation.
In a statement, Vasos said: "I am excited and honored to have the privilege to lead Dollar General. I am grateful to Rick for his guidance as a mentor and friend. Under Ricks leadership, we have delivered exceptional results. My commitment is to build on that success. I believe Dollar General has an exciting future ahead and look forward to continuing to work with our talented employees to provide our customers with the everyday low prices that they count on from Dollar General."
Dollar General plans to open 730 new stores in fiscal 2015 as it expands its footprint into Maine, Oregon and Rhode Island. The company reported a net income of $355 million in the fourth quarter of 2014, compared to $322 million in the fourth quarter of 2013. Net sales increased 9.9 percent to $4.94 billion in the fourth quarter of 2014.
Reach Lizzy Alfs at 615-726-5948 and on Twitter @lizzyalfs.
