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GOODLETTSVILLE, Tenn. — Dollar General Corp. announced that Rick Dreiling will retire as chief executive officer on May 30, 2015, or upon the appointment of a successor.
Dollar General Corp. announced that Rick Dreiling will retire as chief executive officer on May 30, 2015, or upon the appointment of a successor.
Dreiling, 60, who is also chairman of the discount retailer’s board of directors, will continue in that role during a transition period following his successor’s appointment, the company said on Friday.
"Dollar General is a great company because of our people and our mission of serving others," Dreiling said in a prepared statement. "I am extremely proud of Dollar General’s track record of success over the past six years, and I am honored to have had the opportunity to lead such an experienced and talented team. Dollar General is in a strong position today, and I’m confident it has excellent prospects for the future. After considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement. I plan to work with the board of directors on recruiting and mentoring a new CEO."
Dollar General has expanded rapidly since Dreiling became CEO in January 2008. Store count has increased 38% during his tenure, the company said, and annual sales grew more than 80% to $17.5 billion in 2013.
"Rick Dreiling has proven that he is clearly one of retail’s leading CEOs," Mike Calbert, Dollar General’s lead director, said in a statement. "On behalf of the entire board of directors, I want to thank Rick for his outstanding leadership. During his tenure as CEO, Rick has driven significant shareholder value and led the company’s improvement on essentially every key operating metric. In addition, he has recruited and developed an outstanding management team and strengthened the company’s culture and mission."
Dollar General has more than 11,300 stores in 40 states. About 70% of the stores are in towns with fewer than 20,000 residents.
The company typically targets low- and middle-income shoppers, many of whom live on fixed incomes. Dollar General’s no-frills stores typically measure about 7,200 square feet, and many are located in towns bypassed by larger retailers. Stores typically offer 10,000 branded and private label products, from household items to health and beauty aids and from apparel to food. The majority of products are priced below $10, and about 25% of its merchandise is priced at $1 or less.
