Dollar General Announces Rick Dreiling Will Continue as Chairman and CEO
Thu, 22 Jan 2015
Company Comments on Family Dollar Shareholder Vote
GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--
Dollar General Corporation (NYSE: DG) today announced that Rick Dreiling
will continue as chairman and chief executive officer through January
29, 2016 or, if earlier, the appointment of a successor. The Company
also commented on the vote by shareholders of Family Dollar Stores, Inc.
(NYSE: FDO) to approve a proposed merger with Dollar Tree, Inc. (NASDAQ:
DLTR).
“Dollar General is an extraordinary company with a promising future,”
said Rick Dreiling, Dollar General’s chairman and chief executive
officer. “I am excited to remain with the Company for another great year
as we look to capitalize on the numerous opportunities ahead of us. We
have been and remain focused on Dollar General’s core business, and we
are confident that Dollar General is well positioned for sustainable
growth and shareholder value creation going forward. As always, we will
continue to look for ways to provide our customers with the everyday low
prices that they count on from Dollar General.”
Mr. Dreiling continued, “Today’s vote is a loss not only for Family
Dollar shareholders, but also for consumers across the country who will
not have the opportunity to benefit from the cost savings and
efficiencies that we believe would have been created by a merger between
Dollar General and Family Dollar. As we have said throughout this
process, the scale of this combination would have provided better value
and greater selection to customers of both Dollar General and Family
Dollar. Despite our best efforts over the past few months, Family
Dollar’s lack of engagement and a contracted transaction timeline
ultimately prevented us from completing this transaction.”
The Board of Directors of Dollar General also noted that it is actively
engaged in the development of the Company’s strategic growth plans,
capital allocation priorities and leadership succession and will provide
an update when plans are finalized.
Forward-Looking Statements
Dollar General includes “forward-looking statements” within the meaning
of the federal securities laws throughout this release. A reader can
identify forward-looking statements because they are not limited to
historical fact or they use words such as “scheduled,” “may,” “will,”
“could,” “should,” “would,” “expect,” “believe,” “anticipate,”
“project,” “plan,” “estimate,” “forecast,” “goal,” “objective,”
“committed,” “intend,” “continue,” or “will likely result,” and similar
expressions that concern Dollar General’s strategy, plans, intentions or
beliefs about future occurrences or results.
Forward-looking statements are subject to risks, uncertainties and other
factors that may change at any time and may cause actual results to
differ materially from those that Dollar General expected. Many of these
statements are derived from Dollar General’s operating budgets and
forecasts, which are based on many detailed assumptions that Dollar
General believes are reasonable, or are based on various assumptions
about certain plans, activities or events which we expect will or may
occur in the future. However, it is very difficult to predict the effect
of known factors, and Dollar General cannot anticipate all factors that
could affect actual results that may be important to an investor. All
forward-looking information should be evaluated in the context of these
risks, uncertainties and other factors, including those factors
disclosed under “Risk Factors” in Dollar General’s most recent Annual
Report on Form 10-K and any subsequent quarterly filings on Form 10-Q
filed with the Securities and Exchange Commission. All forward-looking
statements are qualified in their entirety by the cautionary statements
that Dollar General makes from time to time in its SEC filings and
public communications. Dollar General cannot assure the reader that it
will realize the results or developments Dollar General anticipates, or,
even if substantially realized, that they will result in the
consequences or affect Dollar General or its operations in the way
Dollar General expects. Forward-looking statements speak only as of the
date made. Dollar General undertakes no obligation to update or revise
any forward-looking statements to reflect events or circumstances
arising after the date on which they were made, except as otherwise
required by law. As a result of these risks and uncertainties, readers
are cautioned not to place undue reliance on any forward-looking
statements included herein or that may be made elsewhere from time to
time by, or on behalf of, Dollar General.
About Dollar General Corporation
Dollar General Corporation has been delivering value to shoppers for 75
years. Dollar General helps shoppers Save time. Save money. Every day!®
by offering products that are frequently used and replenished, such as
food, snacks, health and beauty aids, cleaning supplies, basic apparel,
house wares and seasonal items at low everyday prices in convenient
neighborhood locations. With more than 11,500 stores in 40 states,
Dollar General has more retail locations than any retailer in America.
In addition to high quality private brands, Dollar General sells
products from America's most-trusted manufacturers such as Clorox,
Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle,
Kimberly-Clark, Kellogg's, General Mills, and PepsiCo. For more
information on Dollar General, please visit www.dollargeneral.com.
Investors: Dollar General Corporation Mary
Winn Pilkington, 615-855-5536 or Media: Brunswick
Group Steve Lipin / Shahed Larson, 212-333-3810 or Dollar
General Corporation: Media Hotline, 877-944-DGPR (3477) Dan
MacDonald, 615-855-5209 Crystal Ghassemi, 615-855-5210
