Former Dollar General CEO Vasos is back and Wall Street cheers. Shares up sharply
Shares of Dollar General are up more than 7% before the opening bell after the discount chain said Todd Vasos will be returning as CEO after a streak of disappointing quarterly profits
Shares of Dollar General are up more than 7% before the opening bell Friday after the discount chain said Todd Vasos will be returning as CEO after a streak of disappointing quarterly profits.
The company has missed Wall Street profit projections in four of the five past quarters and shares have fallen nearly 60% this year.
The company has also wrestled with a number of labor issues.
In July a National Labor Relations Board judge said that Dollar General violated federal labor law and “clearly intended to interfere” with worker rights in efforts to quell unionization at a Connecticut store.
Violations from the Dolgen Corp., which operates Dollar General stores, included wrongfully firing an employee and making an implied threat to close the location in Barkhamsted, the NLRB decision read — adding that the company also sent corporate officials to the store and other locations across Connecticut in response to a 2021 union drive.
Beyond unionization, Dollar General has faced multiple penalties for store safety over the years — including federal citations for electrical hazards and obstructed fire exits. As of May, the Labor Department’s Occupational Safety and Health Administration had proposed more than $21 million in penalties since 2017 after conducting 240 store inspections nationwide.
Vasos stepped down as Dollar General’s top executive in 2022 after seven years. He takes over from Jeff Owen.
Under Vasos' leadership, Dollar General expanded its store base by about 7,000 locations, added nearly 60,000 net new jobs, increased annual
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