In another executive shakeup in value retail sector leadership, Dollar General Corp. has announced that CEO Todd Vasos will retire from his position as CEO effective November 1 and that the company’s board of directors approved the promotion of Jeffery Owen, COO since 2019, to succeed Vasos as CEO.
In the succession plan, Vasos will serve in a senior advisory position from November 1 through April 1, 2023. Then, Dollar General indicated, that he will enter a two-year consulting agreement with the retailer and continue serving on the company board.
Owen became Dollar General’s COO in August 2019, the company pointed out, having previously been executive vp, store operations from 2015 and senior vp, store operations from 2011 to 2014.
The succession plan anticipates his election as a board member upon promotion to CEO. Owen has served as a director of Kirkland’s Inc. since March 2015, Dollar General noted.
“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,” said Michael Calbert, Dollar General board chairman, in announcing the executive changes. “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. 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.”