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Jeffery Owen to succeed Todd Vasos as Dollar General CEO

Deep discount chain experienced growth spurt under both executives

Russell Redman

July 12, 2022

5 Min Read
Dollar General store-exterior photo.jpg
Plans call for Vasos, CEO since June 2015, to step down from the post on Nov. 1, at which time Owen, currently chief operating officer, will take the chief executive reins.Dollar General

Dollar General has named Chief Operating Officer Jeffery Owen as its next CEO, taking over from Todd Vasos, who plans to retire later this year.

Goodlettsville, Tenn.-based Dollar General said Tuesday that Vasos, who has served as CEO since June 2015, is slated to step down from the post on Nov. 1, at which time Owen will take the chief executive reins.

Under the leadership transition, plans call for Vasos to stay with Dollar General in a senior advisory role through April 1, 2023, when he will retire from the company. The retailer said Vasos also is expected to enter into a two-year consulting agreement and continue to serve as a board member after his retirement. Owen also is expected to be elected to Dollar General’s board of directors upon his promotion to CEO.

Jeffery Owen-Dollar General-headshot.jpg

“I am deeply honored to have the opportunity to build on Todd’s incredible tenure as CEO. I am equally humbled to lead Dollar General as we continue to serve our customers with value and convenience, support the communities we proudly call home, and provide our employees with career and growth opportunities,” Owen (pictured left) said in a statement. “For the past three decades, I’ve grown and developed within our company, and I couldn’t be prouder to serve as CEO alongside an amazing team in our stores, distribution centers, private fleet and store support center.”

Related:Dollar General promotes three to SVP

Owen has served as COO at Dollar General since August 2019, when he was promoted to the role after spending over four years as executive vice president of store operations and real estate. Before serving as senior vice president of store operations from 2011 to 2014, he held a range of positions at the deep discount retailer, including as vice president and division manager, retail division manager, senior director of operations process improvement and store manager.

With Dollar General for nearly 30 years, Owen began his career at the retailer in 1992 as a store manager trainee at a Nashville, Tenn., store. Dollar General noted that, during his tenure, the company has grown from 1,500 stores in 23 states into the largest retailer by store count in the United States, with 18,356 stores and 28 distribution centers in 47 states through April 2022.

“Having worked with Jeff for many years, I am confident in his leadership abilities and capability to lead Dollar General into our next chapter of growth and service,” Vasos stated.

Todd Vasos-Dollar General-headshot.jpgVasos (pictured left) became Dollar General CEO in early June 2015 with the retirement of Rick Dreiling, who also served as chairman. Earlier this year, Dreiling joined rival Dollar Tree as executive chairman.

Related:Dollar General pushes ahead with brick-and-mortar expansion

After joining Dollar General in 2008 as executive vice president, division president and chief merchandising officer, Vasos was promoted to COO in 2013. He came to Dollar General after seven years at Longs Drug Stores (acquired by CVS in October 2008), most recently as executive vice president and COO and as executive vice president and chief merchandising officer. Prior to that, he spent seven years at Phar-Mor, most recently as senior vice president and chief merchant, following 11 years in operations at Eckerd Drug Co.

Dollar General said Vasos’ tenure as CEO included the expansion of the retailer’s store base by about 7,000 locations, the addition of nearly 60,000 net new jobs, over 80% growth in annual sales and a more than twofold increase in the company’s market capitalization, to roughly $58 billion.

“Serving my fellow employees, our customers and our communities as CEO has been the greatest privilege of my career,” Vasos commented. “Together, we ushered in an era of unrivaled growth while staying true to our mission of serving others. Today, we are so much more than a dollar store, proudly serving millions of Americans as their neighborhood general store.”

Also under Vasos’s leadership, Dollar General noted, the company delivered on a range of strategic initiatives, including the DG Fresh transition to self-distribution of frozen and refrigerated goods, digital expansions and new retail concept pOpshelf. He also oversaw Dollar General’s efforts to bring fresh produce to more than 2,300 stores, launch of the DG Private Fleet driver program, opening of 16 distribution centers and planned expansion into Mexico, where the retailer aims to open up to 10 stores in fiscal 2022.

“On behalf of the board of directors, I want to thank Todd for his many years of service to Dollar General, his outstanding leadership, commitment to our values and dedication to the company, its employees, customers, communities and shareholders,” Chairman Michael Calbert said in a statement. “Todd led Dollar General through a period of significant transformation, accelerated growth and innovation. We are a stronger, more resilient and longer-term strategically driven organization than when he took the reins in 2015. DG is a better company today as a result of Todd’s leadership.

“The board is looking forward to continuing this strong trajectory under the leadership of Jeff Owen, who is a strategic thinker, strong collaborator and proven leader known for his motivational leadership and deep knowledge of DG,” Calbert added.

In a research note Tuesday on the CEO succession, Jefferies analyst Corey Tarlowe said Dollar General’s outlook will remain strong under Owen, who has played a pivotal role in much of the retailer’s growth and strategic initiatives in his almost 30 years at the company.

“We believe Mr. Jeffery Owen is the logical successor for the role, given all that he has accomplished while at DG,” Tarlowe wrote. “In our deep-dive report on DG, we highlight some of DG’s winning strategies in which Mr. Vasos and Mr. Owen have both played key roles, such as DG Fresh (self-distribution of perishable goods), Fast Track (rolltainers and self-checkout), NCI (the selling of higher-margin non-consumable items) and digital. We believe these initiatives set the company up for strong (and likely above consensus) top- and bottom-line growth in the years ahead.”

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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