Goodlettsville, TN — Effective November 1, Todd Vasos is retiring from his position as chief executive officer (CEO) of Dollar General Corp. Additionally, the company’s board of directors has approved the promotion of Jeffery Owen, its chief operating officer since 2019, to succeed Vasos effective immediately following his retirement.
To assist in the transition of leadership, Vasos will serve in a senior advisory position through April 1.. He is expected to enter into a two-year consulting agreement and continue to serve as a member of the board.
“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. 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,” says Michael Calbert, chairman of Dollar General’s board of directors. “The board is looking forward to continuing this strong trajectory under the leadership of Jeff Owen, who is a strategic thinker, strong collaborator and proven leader known for his motivational leadership and deep knowledge of DG.”
Vasos has served as CEO and as a member of the board since June 2015. During Vasos’s 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 percent and more than doubled its market capitalization to approximately $58B. Vasos was named a Most Admired CEO by Nashville Business Journal in 2021 and currently serves on the boards of directors for Retail Industry Leaders Association (RILA) and KeyCorp.
Under Vasos’s leadership, the company created and delivered on key strategic initiatives including self-distribution of frozen and refrigerated goods, as well as various non-consumable initiatives, including its newest retail concept pOpshelf, and significant digital expansions. He also led efforts to expand the availability of fresh produce to more than 2,300 stores, launched the DG Private Fleet driver program, opened 16 additional distribution centers, and most recently, announced a company expansion plan into Mexico.
“Serving my fellow employees, our customers and our communities as CEO has been the greatest privilege of my career,” Vasos says. “Together, we ushered in an era of unrivaled growth while staying true to our mission of serving others. Today, we are so much more than a dollar store, proudly serving millions of Americans as their neighborhood general store. 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 is expected to be elected to serve as a member of the board of directors after his promotion to CEO.
“I am deeply honored to have the opportunity to build on Todd’s incredible tenure as CEO. I am equally humbled to lead Dollar General as we continue to serve our customers with value and convenience, support the communities we proudly call home and provide our employees with career and growth opportunities,” says Owen. “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.”