Shares of discount retailer Dollar General (DG) are up 7% after the company announced that former Chief Executive Officer (CEO) Todd Vasos is coming out of retirement to lead the company once again.
Jeff Owen, the most recent CEO of Dollar General, stepped down from the top job abruptly, paving the way from Vasos to return.
Vasos had previously led Dollar General from 2015 through the end of 2022. Owen’s tenure as CEO lasted less than a year.
The past 10 months have been difficult for Dollar General. The company’s stock has declined nearly 60% since January as the company has struggled with a series of disappointing financial results.
Dollar General has been hurt by a decline in consumer spending as inflation has remained elevated, and shoplifting at the company’s retail outlets has worsened.
The company has also invested more than $150 million on higher wages, store remodeling, and supply chain improvements. Dollar General lowered its forward guidance during its most recent earnings report in August.
The stock of Dollar General is currently trading at $101.83 U.S. per share.
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