Dollar General CEO Todd Vasos will retire in November, ending a tenure as the discount retailer’s chief executive that started more than seven years ago.
Jeffery Owen, Dollar General’s chief operating officer, will succeed Vasos, who will remain with the company in a senior advisory position from November 1 through April 1, 2023. He is expected to enter into a two-year consulting agreement and continue to serve as a member of the Dollar General’s board of directors.
Vasos has served as CEO and as a member of the company’s board of directors since June 2015. He joined Dollar General in 2008 as executive vice president, division president and chief merchandising officer and served as chief operating oOfficer from 2013 until being named CEO.
During his tenure as CEO, the company expanded its store base 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.
“Today, we are so much more than a dollar store, proudly serving millions of Americans as their neighborhood general store,” said Vasos. “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 assumed Dollar General’s chief operating officer role in August 2019 having previously held the roles of executive vice president, Store Operations from 2015-2019 and senior vice president, Store Operations from 2011-2014. Prior to August 2011, Owen served the company as a vice president, division manager; retail division manager; senior director, Operations Process Improvement; and store manager, among other roles.
He began his employment at Dollar General in 1992 as a store manager trainee in a Nashville, Tennessee, store. Owen is expected to be elected to serve as a member of Dollar General’s board of directors upon the effectiveness of his promotion to CEO