Dollar General CEO Announces Retirement Plans
GOODLETTSVILLE, Tenn. -- June 27, 2014
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 CEOeffective May30, 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.
Dreilinghas 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 2013and 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. Iam 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. Iplan 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.
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
Mary Winn Pilkington, 615-855-5536
Emma Jo Kauffman, 615-855-5525
Dan MacDonald, 615-855-5209
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