Dollar General said chief operating officer Todd Vasos will succeed Rick Dreiling as chief executive officer, bringing a new face to the helm as the retailer gets ready for the unfamiliar challenge of fighting a larger rival.
Vasos takes the position on 3 June and also will join the board, Goodlettsville, Tennessee-based Dollar General said Thursday in a statement. Dreiling, who’d previously announced plans to retire, will remain on the board for the rest of his term and serve as senior adviser and chairman through 29 January.
Dollar General lost a months-long battle with rival Dollar Tree earlier this year to acquire Family Dollar Stores. The newly combined company will supplant Dollar General as the largest retailer in the category when the deal closes. Still, Dollar General has continued to post solid results, with sales growing 8 per cent in its most recent fiscal year.
Last year, Dreiling agreed to delay his previously announced retirement one year, until May 2016, while the company pursued an acquisition of Family Dollar. By retiring next month, he’s essentially leaving the CEO role when he originally said he would.
Bloomberg News, edited by ESM
