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Dollar General stock jumps after it brings back former CEO to jolt slowing sales growth

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Dollar General stock jumps after it brings back former CEO to jolt slowing sales growth

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The exterior of a Dollar General convenience store is seen in Austin, Texas, on March 16, 2023.

Brandon Bell | Getty Images

Dollar General’s former CEO Todd Vasos is coming out of retirement to helm the scandal scarred company once again.

Vasos, who served as the discounters CEO between June 2015 to November 2022, will replace Jeff Owen, effective immediately, the company announced in a Thursday news release.

“The Board has tremendous respect for Jeff and greatly appreciates his many contributions to the Company, especially during his long tenure leading our retail operations,” said Michael Calbert, the Chairman of the company’s board, said in a statement. “However, at this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward.”

Owen had been in the role for less than a year. During that time, Dollar General has seen a slow down in its sales growth and has faced criticism from federal officials and activists for having unsafe stores that put employees at risk.

When it last reported earnings, Dollar General cut its full year profit guidance and said it was now expecting earnings per share of about $7.10 to $7.60, compared to its previous expectation of $7.10 to $8.30.

Vasos said in a statement he is “honored” to rejoin the company at such a “pivotal time.”

“I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders,” said Vasos.

This is breaking news. Please check back for updates.

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