Dollar General (NYSE:DG) announced CEO Rick Dreiling will retire in May of 2015, or when a successor is named. He's agreed to continue to serve as chairman during the transition following the appointment of a new leader.
Dreiling has served as CEO since January 2008 and was named chairman in December of that same year. Under his leadership, the company's sales have increased more than 80 percent to $17.5 billion in 2013. And the number of stores has increased by 38 percent, bringing the total to more than 11,000 in 40 states.
"Dollar General is a great company because of our people and our mission of serving others," said Dreiling. "I am extremely proud of our track record of success over the past six years, and I am honored to have had the opportunity to lead such an experienced and talented team. Dollar General is in a strong position today, and I'm confident it has excellent prospects for the future. After considerable reflection, I am at a point where it is appropriate to plan for my retirement."
This announcement comes on the heels of several recent announcements about Dollar General's success in the retail sector. Just this month a pricing study conducted by Sterne Agee analyst Charles Grom found that the company beat Walmart for the title of low-price leader. The study compared shopping baskets at Dollar General, Walmart and Family Dollar.
Also this month, Dollar General reported an improvement in first quarter 2014 sales--up 1.5 percent. Simultaneously the retailer announced it would move forward with the plan to open 400 new stores in 2014 even as competitor Family Dollar plans to close 370 locations amid plummeting earnings.
-See this Dollar General press release
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