Vasos art

Todd Vasos

Goodlettsville-based retailer Dollar General Corp. announced Tuesday that CEO Todd Vasos plans to step down, effective Nov. 1.

According to a release, Vasos will serve in a senior advisory capacity from Nov. 1 through April 1, 2023, to assist in the transition, and could add a two-year consulting contract at that point. He will continue to serve as a member of the board.

Jeffery Owen, chief operating officer since 2019, has been promoted to CEO. Owen has spent more than two decades with the company, intermittently, since 1992, holding various leadership positions.

Along with the promotion, Owen’s base salary was increased from $925,000 to $1.125 million, and his annual incentive opportunity was bumped from 100 percent of his salary to 150 percent. Other incentives, including a one-time $6 million stock incentive, are also included. His initial agreement with the company runs through May 31, 2026.

“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,” Dollar General board chair Michael Calbert said in the release. “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.”

Vasos joined Dollar General in 2008 and was promoted to chief operating officer in 2013 before being named CEO in 2015. According to the company, his tenure as CEO saw DG’s store count jump by some 7,000.