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News Breaks
June 27, 2014
10:35 EDTFDO, DG, DLTRDollar General plunges after CEO announces retirement plans
Shares of discount retailer Dollar General (DG) are lower this morning after Chief Executive Officer Rick Dreiling announced plans to retire. WHAT'S NEW: The company's chairman and CEO announced he would retire effective May 30, 2015, or upon the appointment of a successor. Dreiling has been the company's CEO since January 2008 and was named chairman in December of that year. Dreiling will continue as chairman during a transition period following the appointment of a new CEO, the company said. The board of directors is currently conducting an internal and external search for a new CEO. Dreiling commented that "after considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement. I plan to work with the Board of Directors on recruiting and mentoring a new CEO." Dreiling believes Dollar General is in a strong position and has "excellent" prospects for the future. WHAT'S NOTABLE: Activist investor Carl Icahn has made public that he holds a significant stake in another company in the sector, Family Dollar (FDO). Carl Icahn disclosed in an SEC filing on June 6 that he had obtained a 9.39% stake in Family Dollar. More recently, on June 20, Icahn sent a letter to Family Dollar CEO Howard Levine urging an immediate sale, stating that he believes there would be significant interest from strategic and financial buyers. PRICE ACTION: In mid-morning trading, Dollar General fell $4.03, or 6.63%, to $57.55, while peer Family Dollar slid $2.54, or 3.7%, to $65.46. Dollar Tree (DLTR), another peer, is down 51c, or 0.95%, to $53.15.
News For DG;FDO;DLTR From The Last 14 Days
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October 13, 2015
16:31 EDTDGDollar General announces corportate restructuring, to cut 225 positions
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07:31 EDTDLTRDollar Tree to re-brand Deals stores in 2016
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October 12, 2015
10:18 EDTDLTRHigh option volume stocks
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