GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)-- Dollar General Corporation (NYSE: DG) today announced that Rick Dreiling will continue as chairman and chief executive officer through January 29, 2016 or, if earlier, the appointment of a successor. The Company also commented on the vote by shareholders of Family Dollar Stores, Inc. (NYSE: FDO) to approve a proposed merger with Dollar Tree, Inc. (NASDAQ: DLTR).
"Dollar General is an extraordinary company with a promising future," said Rick Dreiling, Dollar General's chairman and chief executive officer. "I am excited to remain with the Company for another great year as we look to capitalize on the numerous opportunities ahead of us. We have been and remain focused on Dollar General's core business, and we are confident that Dollar General is well positioned for sustainable growth and shareholder value creation going forward. As always, we will continue to look for ways to provide our customers with the everyday low prices that they count on from Dollar General."
Mr. Dreiling continued, "Today's vote is a loss not only for Family Dollar shareholders, but also for consumers across the country who will not have the opportunity to benefit from the cost savings and efficiencies that we believe would have been created by a merger between Dollar General and Family Dollar. As we have said throughout this process, the scale of this combination would have provided better value and greater selection to customers of both Dollar General and Family Dollar. Despite our best efforts over the past few months, Family Dollar's lack of engagement and a contracted transaction timeline ultimately prevented us from completing this transaction."
The Board of Directors of Dollar General also noted that it is actively engaged in the development of the Company's strategic growth plans, capital allocation priorities and leadership succession and will provide an update when plans are finalized.