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

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

Brandon Bell | Getty Images

Dollar General’s former CEO Todd Vasos is popping out of retirement to helm the scandal scarred firm as soon as once more.

Vasos, who served because the discounters CEO between June 2015 to November 2022, will exchange Jeff Owen, efficient instantly, the corporate introduced in a Thursday information launch.

“The Board has super respect for Jeff and tremendously appreciates his many contributions to the Company, particularly throughout his lengthy tenure main our retail operations,” mentioned Michael Calbert, the Chairman of the corporate’s board, mentioned in a press release. “However, presently the Board has decided {that a} change in management is critical to restore stability and confidence within the Company transferring ahead.”

Owen had been within the position for lower than a yr. During that point, Dollar General has seen a decelerate in its sales growth and has confronted criticism from federal officers and activists for having unsafe shops that put workers in danger.

When it final reported earnings, Dollar General lower its full yr revenue steerage and mentioned it was now anticipating earnings per share of about $7.10 to $7.60, in contrast to its earlier expectation of $7.10 to $8.30.

Vasos mentioned in a press release he’s “honored” to rejoin the corporate at such a “pivotal time.”

“I look ahead to getting back to work with the broader workforce as we try to return to a place of operational excellence for our workers and prospects and ship sustainable long-term growth and worth creation for our shareholders,” mentioned Vasos.

This is breaking information. Please test back for updates.

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