Dollar General CEO Todd Vasos to step down, insider Owen to take over

The sign outdoors the Dollar Common retail outlet in Westminster, Colorado is pictured December 4, 2014. REUTERS/Rick Wilking

July 12 (Reuters) – Dollar Normal Corp (DG.N) claimed on Tuesday that Todd Vasos will step down as the discounted retailer’s main govt officer and will be succeeded by very long-time executive and functions head Jeffery Owen.

In the course of Vasos’ time at the helm, the company’s once-a-year revenue rose additional than 80% and about 7,000 additional outlets have been included to the retailer’s footprint.

The CEO alter will come at a time when a long time-significant inflation has hammered shelling out electrical power, pushing shoppers to transform frugal and store more at low cost store chains, boosting gross sales at businesses this sort of as Dollar Basic and Dollar Tree Inc (DLTR.O).

Having said that, like other shops, Tennessee-primarily based Greenback Common is struggling with rising margin pressures from better supply chain charges and weaker demand from customers for high-margin discretionary goods.

Owen, who has been with the enterprise considering that 1992, has served as Dollar General’s main operating officer because August 2019, getting beforehand lead the retailer’s shop operations.

Vasos, who has been Dollar General’s main executive considering that 2015, will stage down in November and choose on an advisory part right until April, soon after which he will retire from the enterprise.

Reporting by Deborah Sophia in Bengaluru Modifying by Shounak Dasgupta and Vinay Dwivedi

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