Dreiling, 61, will remain as board chairman through January 29 and serve as a senior adviser until that date.
Vasos, 53, had been chief operating officer at Dollar General since 2013. He joined the discount retailer in 2008 as chief merchandising officer. He previously held executive positions with Longs Drug Stores, Phar-Mor Inc. and Eckerd Corp. Vasos graduated from Western Carolina University in 1983 with a bachelor’s degree in marketing.
“The board and I are confident that Todd is the right leader for the future growth of Dollar General,” Dreiling said. “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 [they also overlapped at Longs Drug]. I look forward to supporting him in his new role to ensure a smooth and seamless transition.”
Vasos said, “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. 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.”
Mike Calbert, Dollar General’s lead director, welcomed the promotion of Vasos. “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. 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.”
In succeeding Dreiling, Vasos has big shoes to fill. Store count has increased by more than 40% since Dreiling was named CEO in January 2008. The chain opened its 12,000th store on May 30, in Juliette, Ga.
Dollar General, which bills itself as the retailer with the most locations in America, operates stores in 43 states after recently expanding its footprint into three new states — Maine, Rhode Island and Oregon. The retailer intends to open 730 stores this year.
On June 2, Dollar General reported its 29th consecutive quarter of increased customer traffic and average transaction size. Profits rose 14% as overall sales grew 8.8% to $4.9 billion. Sales at stores open a year or longer rose 3.7% in the quarter.