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Dollar General Corp. announced on Tuesday, July 12, that its chief executive officer, Todd Vasos, is set to step down from his post. The company revealed that he would be replaced by Jeffrey Owen, a veteran who is a long-time executive and current head of operations.
As per Reuters, during his tenure, the outgoing CEO helped increase Dollar General’s annual revenue, which went up to more than 80%. In addition, under his leadership, around 7,000 new stores were also added to the company’s portfolio.
It was noted that the change of CEO comes at a time when the inflation rate recorded its highest number in decades. This has affected the consumers’ spending power as they were pushed to become frugal when they shop. As a result Dollar General’s sales have increased since more people are opting to buy their needs in discount store chains.
However, Dollar General is revealed to be facing growing margin pressures brought about by higher supply chain costs coupled with lower demand for high-margin goods. Thus, this will be something that Owen will have to deal with once he assumes the CEO post.
Owen has been with Dollar General for 30 years now and joined the company in 1992. He has been serving the retail store chain as a chief operating officer since August 2019 and served as the head of store operations before this.
As for Vasos, he has been the company’s CEO since 2015 and is set to vacate his office in November. He will remain with Dollar General for an advisory role until April of 2023 then, he will retire.
“On behalf of the Board of Directors, I want to thank Todd for his many years of service to Dollar General, his outstanding leadership, commitment to our values and dedication to the Company, its employees, customers, communities and shareholders,” Dollar General’s board of directors chairman, Michael Calbert, said in a press release.
He added, “Todd led Dollar General through a period of significant transformation, accelerated growth and innovation. We are a stronger, more resilient, and longer-term strategically driven organization than when he took the reins in 2015. DG is a better company today as a result of Todd’s leadership.”
