“I am excited and honored to have the privilege to lead Dollar General,” Vasos said in a statement. “I am grateful to Rick for his guidance as a mentor and friend. 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.”
Dreiling, who’s also chairman, had announced last June that he planned to retire on May 30, 2015. However, in August 2014, when Dollar General made a bid to acquire rival Family Dollar Stores Inc. — which had only weeks earlier agreed to be acquired by Dollar Tree Inc. — Dreiling announced that he would stay on as CEO of the combined company through May 2016. Dollar Tree eventually prevailed in the ensuing battle to acquire Family Dollar.
“The board and I are confident that Todd is the right leader for the future growth of Dollar General,” Dreiling stated. “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.”
Plans call for Dreiling, who has been Dollar General’s CEO since January 2008, to remain on the company’s board for the remainder of his term and serve as senior adviser and chairman until Jan. 29, 2016.
The election of Vasos to the board increases the total number of directors to nine. He joined Dollar General in December 2008 as executive vice president, division president and chief merchandising officer and was promoted to COO in November 2013.
Vasos came to Dollar General from the drug store sector. He previously was at Longs Drug Stores Corp. for seven years, serving as executive vice president and COO from February 2008 to November 2008 and as senior vice president and chief merchandising officer from 2001 to 2008. He also previously held leadership positions at Phar-Mor Food and Drug Inc. and Eckerd Corp.
“We are excited to have Todd Vasos as our CEO and look forward to working with him in his new role,” commented Mike Calbert, lead director on Dollar General’s board. “Todd is a proven leader and the right person to guide Dollar General as it enters this next chapter in the company’s history. 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.”
Overall, Dollar General operates 11,999 stores in 43 states.