The Rick Dreiling era is coming to an end at Dollar General as the chairman and CEO announced plans to retire next year, initiating a search internally and externally for a successor.
Dreiling advised Dollar General of his intent to retire as CEO effective May 30, 2015 or upon the appointment of a successor. Following the appointment of a new CEO, which could happen sooner than next year, Dreiling agreed to serve at the discretion of the board of directors as chairman during a transition period following the appointment of the new CEO. Dreiling's retirement date and any agreement regarding continued service on the board are expected to be finalized as part of a retirement agreement, according to the company.
Dreiling, 60, has served as CEO of Dollar Genera 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% to $17.5 billion in 2013 and the company’s store count has increased by 38% 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.
“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,” said Dollar General’s lead director Mike Calbert.