Vasos named CEO at Dollar General

Dollar General elevated COO Todd Vasos to the role of CEO, filling a position held by Rick Dreiling who is sticking to his original retirement timetable after losing out to Dollar Tree in the bidding for Family Dollar.

Dreiling had previously announced plans to retire, but then modified those plans after Dollar General entered the bidding to acquire Family Dollar. Had Dollar General prevailed, Dreiling planned to stick around to oversee the integration. However, Dollar Tree won out which enabled Dollar General and Dreiling to maintain the company’s original succession strategy.

“On behalf of the entire board of directors, we are excited to have Todd Vasos as our CEO and look forward to working with him in his new role. Todd is a proven leader and the right person to guide Dollar General as it enters this next chapter in the Company’s history,” said Dollar General’s lead director Mike Calbert. “With Todd’s appointment as CEO and Rick’s continued service, we ensure the continuation of both the leadership and strategy that have made Dollar General a retail powerhouse.”

The change takes effect June 3 and will see Vasos join the board with Dreiling remaining on the board until January 29, 2016. “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,” Vasos said. “Under Rick’s 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.”

Vasos joined Dollar General in December 2008 as executive vice president, division president and chief merchandising officer. He was named COO in November 2013. Prior to joining Dollar General, Vasos served in executive positions with Longs Drug Stores Corporation for seven years holding roles such as COO and chief merchandising officer. Vasos also held leadership positions at now defunct chain drug retailers such as Phar-Mor Food and Drug Inc. and Eckerd Corporation.

“The board and I are confident that Todd is the right leader for the future growth of Dollar General. 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,” said Dreiling.

Dollar General currently operates 12,000 stores in 43 states.