Dollar General has announced that COO Todd Vasos will be named CEO and become a member of the board, effective June 3, 2015. He succeeds Chairman and CEO Rick Dreiling, who announced his retirement in June of 2014. Dreiling will continue as a member of the board and serve as senior advisor and chairman of the board through January 29, 2016.
"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," said Mike Calbert, Dollar General's lead director, in a statement. "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."
Vasos joined the company in December 2009 as executive VP, division president and chief merchandising officer, and was promoted to COO in November 2013. Before that, he spent seven years at Longs Drugs, holding positions that included executive VP and COO, as well as senior VP and chief merchandising officer. In those roles he was responsible for pharmacy and front-end marketing, merchandising, procurement, supply chain, advertising, store development, store layout and space allocation, and the operation of three distribution centers. Press release