On heels of lost bid, Dollar General CEO Dreiling puts off retirement

New York -- Dollar General CEO Rick Dreiling had planned to retire in a few months, but after Family Dollar shareholder’s snubbed his company’s buyout offer, Dreiling said he’ll stick around a bit longer.



Last June, Dollar General indicated that Dreiling would step down as CEO effective May 30, or possibly sooner depending on the conclusion of a search for his successor.



The following month, Dollar Tree and Family Dollar announced plans to merge, prompting Dollar General to make a counter offer that required Dreiling’s attention for the past six months. The deal came to a head Thursday morning when Family Dollar shareholders voted in favor of Dollar Tree’s offer.



In expressing displeasure with that outcome, Dreiling also disclosed that he will continue to serve as chairman and CEO until Jan. 29, 2016. As was the case with the announcement last June, the company left open the possibility that Dreiling could step down sooner depending on the timing of a search for his successor.



“Dollar General is an extraordinary company with a promising future. I am excited to remain with the company for another great year as we look to capitalize on the numerous opportunities ahead of us,” Dreiling said in a statement. “We have been and remain focused on Dollar General’s core business, and we are confident that Dollar General is well positioned for sustainable growth and shareholder value creation going forward. As always, we will continue to look for ways to provide our customers with the everyday low prices that they count on from Dollar General.”



As for the failed bid to acquire Family Dollar, Dreiling said that’s their loss.



“Today’s vote is a loss not only for Family Dollar shareholders, but also for consumers across the country who will not have the opportunity to benefit from the cost savings and efficiencies that we believe would have been created by a merger between Dollar General and Family Dollar,” Dreiling said in a statement shortly after Family Dollar announced shareholders had voted in favor of the Dollar Tree deal. “As we have said throughout this process, the scale of this combination would have provided better value and greater selection to customers of both Dollar General and Family Dollar. Despite our best efforts over the past few months, Family Dollar’s lack of engagement and a contracted transaction timeline ultimately prevented us from completing this transaction.”



Dreiling has served as CEO of Dollar General since January 2008 and was named chairman of the board in December 2008.