It has been announced by Dollar General Corporation that Wilmington native Todd J. Vasos, Dollar General's current chief operating officer has been named as chief executive officer of the company; he has been named by the company's board of directors.

According to a news release from the company, after the election of Vasos to Dollar General's board, the total number of directors will become nine. Vasos will be succeeding Rick Dreiling, who is at present, chairman and CEO of the company. Dreiling has already announced regarding his retirement plans.

Dreiling will continue to serve as senior advisor and chairman of the board through January 29, 2016 and remain on the board for the remainder of his term. According to Mike Calbert, Dollar General's lead director, "On behalf of the entire board of directors, we are excited to have Todd Vasos as our CEO and look forward to working with him in his new role. Todd is a proven leader and the right person to guide Dollar General".

He added that they guarantee the persistence of both the leadership and strategy with Todd's appointment as CEO and Rick's continued service. Vasos' will join the said position from June 3. Vasos said that he is eagerly looking forward to lead the company.

He also expressed gratitude to Rick for his guidance that he gave as a mentor and friend. He added that the company has performed really well under Rick's leadership. He said that Dollar General's future is bright and he looks forward to working with talented employees of the company.