GOODLETTSVILLE, Tenn.--(BUSINESS WIRE)--
Dollar General Corporation (NYSE: DG) announced today that its chairman
and chief executive officer, Rick Dreiling, 60, has informed the Board
of Directors of his intent to retire as CEO effective May 30, 2015 or
upon the appointment of a successor. Dreiling has agreed to serve, at
the discretion of the Board, as chairman during a transition period
following the appointment of a new CEO.
Dreiling has served as CEO since January 2008 and was named chairman of
the Board in December 2008. Under his leadership, the Company's annual
sales have increased more than 80 percent to $17.5 billion in 2013 and
store count has increased by 38 percent to more than 11,000 stores in 40
states.
"Dollar General is a great company because of our people and our mission
of Serving Others. 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,” Dreiling said.
Mike Calbert, the Company’s Lead Director, said, “Rick Dreiling has
proven that he is clearly one of retail's leading CEOs. 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. The Board is confident the Company is well-positioned as we
search for a new CEO. We’re fortunate to have Rick in his role until the
new CEO assumes these duties.”
Dreiling’s retirement date and any agreement regarding continued service
on the Board of Directors are expected to be finalized as part of a
retirement agreement between Dreiling and the Company. The Board of
Directors is conducting an internal and external search for a CEO.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of the federal securities laws that can be identified because
they are not limited to historical fact or they use words such as
“intend,” “plan,” “anticipate,” “may,” “will,” “should,” “expect,”
“believe,” or “could,” and similar expressions. Forward-looking
statements are subject to risks and uncertainties that may change at any
time, so the Company’s actual results may differ materially from those
that were expected as a result of important factors including, without
limitation, those factors disclosed under “Risk Factors” in Part I, Item
1A of the Company’s Form 10-K for the fiscal year ended January 31, 2014
and factors discussed in conjunction with the forward-looking statements
themselves.
All forward-looking statements are qualified in their entirety by these
and other cautionary statements that the Company makes from time to time
in its other Securities and Exchange Commission (“SEC”) filings and
public communications. Forward-looking statements should be evaluated in
the context of these risks and uncertainties. The forward-looking
statements in this report are made only as of the date hereof. The
Company undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future events
or otherwise, except as otherwise required by law.
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,
housewares and seasonal items at low everyday prices in convenient
neighborhood locations. With 11,338 stores in 40 states as of May 2,
2014, Dollar General has more retail locations in the U.S. than any
other discount retailer. In addition to high quality private brands,
Dollar General sells products from America's most-trusted manufacturers
such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg's, General
Mills, Nabisco, Hanes, PepsiCo and Coca-Cola. Learn more about Dollar
General at www.dollargeneral.com.
Dollar General Corporation Investor Contacts: Mary Winn
Pilkington, 615-855-5536 or Emma Jo Kauffman, 615-855-5525 or Media
Contacts: Dan MacDonald, 615-855-5209
