Todd Vasos, the Former CEO of Dollar General, is returning to take the lead of the company. The news resulted in a jump in stock prices. For some time, the variety store chain has seen a slowdown in growth. It also faced criticism from different sections for having an unsafe environment for customers and employees.
Dollar General is bringing in former CEO Todd Vasos from retirement by ousting CEO Jeff Owen from the position to lead the company from the helm. The company is aiming to rebound from slow growth in the last few months and allegations of unsafe work conditions for employees. Todd Vasos was the CEO of Dollar General from June 2015 to November 2022.
The Chairman of Dollar General, Michael Calbert, stated –
“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. 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.”
Jeff Owen, who is leaving the position, has been in the role for less than one year. Unfortunately, Dollar General saw a slowdown in sales growth during that time period. Furthermore, the company also faced criticism from various federal officials as well as activists for having unsafe work conditions for employees.
The company is looking forward to expanding its footprint as it is rapidly adding more stores. It currently has 19,000+ locations in forty-seven states across the country. It also has 185,000+ employees (both full-time and part-time).
After the news came out of the return of the former CEO, the shares of Dollar General jumped more than 6% in Thursday’s extended trading.
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