- After less than one year in the position
- Praise for Owen
- Todd Vasos taking over
(exechange) — Goodlettsville, Tennessee, October 12, 2023 — Jeff Owen, chief executive of Dollar General, leaves his position. As announced by Dollar General Corp. in a news release and in a regulatory filing published on Thursday, October 12, 2023, Jeffery C. (Jeff) Owen leaves his post as chief executive officer at the discounter, after less than one year in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
Jeff Owen’s duties as CEO will be taken over by Todd J. Vasos, a former Chief Executive Officer at Dollar General Corp.
“To restore stability and confidence in the Company”
The management change is explained as follows. Michael Calbert, Chairman of Dollar General’s Board of Directors, stated: “The Board has tremendous respect for Jeff and greatly appreciates his many contributions to the Company, especially during his long tenure leading our retail operations. However, at this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward.”
Precise information regarding Jeff Owen’s future plans was not immediately available.
“Separation”
Dollar General said: “Vasos succeeds Jeff Owen, whose separation from the Company and resignation from its Board is effective today.”
Share price decline since November 2022
The announcement follows a decline in Dollar General Corp.’s share price of 59% since November 2022. November 2022 is the month in which Owen’s tenure as CEO began.
In the position of CEO since 2022
Jeff Owen became CEO of the Company in 2022.
Owen has served as the Company’s Chief Executive Officer and as a member of the Company’s Board since November 2022.
He previously served as the Company’s Chief Operating Officer from August 2019 to November 2022.
He returned to Dollar General in June 2015 as Executive Vice President of Store Operations, with over 21 years of previous employment experience with the Company, including Senior Vice President, Store Operations (August 2011 to July 2014); Vice President, Division Manager (March 2007 to July 2011); Retail Division Manager (November 2006 to March 2007); and various other operations roles of increasing importance and responsibility.
He began his employment at Dollar General in December 1992.
Owen served as a director of Kirkland’s Inc. from March 2015 to September 2022.
No statement by Jeff Owen
In the release announcing his departure as CEO of Dollar General Corp., Jeff Owen received praise.
The announcement of his departure as CEO does not include a statement by Jeff Owen.
Push-out Score for Jeff Owen’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jeff Owen was pushed out or felt pressure to leave his position.
exechange reached out to Dollar General and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).
