By Christine Kern, contributing writer
Dollar General has announced that COO Todd Vasos has been named the incoming CEO after outgoing CEO Rick Dreiling leaves his post in June. Dreiling will remain on the company's board until January 2016, serving as chairman and senior advisor.
Vasos will also join the Board, bringing the total number of directors to nine.
“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,” Mike Calbert, Dollar General’s lead director said in the release. “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 mad Dollar General a retail powerhouse.”
Vasos joined Dollar General in December 2008 as Executive Vice President, Division President and Chief Merchandising Officer and was promoted to Chief Operating Officer in November 2013. Prior to joining Dollar General, Vasos served in executive positions with Longs Drug Stores Corporation for 7 years, including Executive Vice President and Chief Operating Officer (February 2008 through November 2008) and Senior Vice President and Chief Merchandising Officer (2001 – 2008), where he was responsible for all pharmacy and front-end marketing, merchandising, procurement, supply chain, advertising, store development, store layout and space allocation, and the operation of three distribution centers. He also previously served in leadership positions at Phar-Mor Food and Drug Inc. and Eckerd Corporation.
The appointment comes at a challenging time for Dollar General, as they are facing a pending merger between Family Dollar and Dollar Tree that will challenge Dollar General’s role as the nation’s largest discount retailer. Dollar General fought with Dollar Tree to acquire Family Dollar, but its bid was rejected in early 2015 after advisory firms recommended Family Dollar shareholders accept the deal with Dollar Tree because it is more likely to be completed.
To date, there has been no indication of what strategy or direction Vasos may have for the discount retailer, though he said, “Under Rick’s leadership, we have delivered exceptional results My commitment is to build on that success. I believe Dollar General has an exciting future ahead and look forward to continuing to work with our talented employees to provide our customers with the everyday low prices that they count on from Dollar General.”