Jeff Owen, the short-lived chief executive of Dollar General, has officially stepped down from his position, with immediate effect. This sudden announcement has paved the way for Todd Vasos, the former CEO of Dollar General, to make a comeback and lead the company for the foreseeable future.
The decision for this change in leadership was made by the Board of Directors who stated that it was necessary to restore stability and confidence in the company’s future prospects. Michael Calbert, Chairman of the Board, expressed their belief in the need for a fresh direction.
In addition to this leadership transition, Dollar General has also revised its sales guidance for fiscal 2023. The company now projects a narrower range for sales growth, expecting it to be between 1.5% to 2.5%. This is a slight adjustment from their previous expectation of 1.3% to 3.3%. Similarly, their updated earnings per share forecast falls within the range of $7.10 to $7.60, compared to the earlier estimate of $7.10 to $8.30.
Following this announcement, Dollar General’s stock witnessed a surge in after-hours trading, with shares jumping by 6.6% to $108.49.
