The Wall Street Journal-20080115-Dollar General Names Dreiling Chief Executive
Return to: The_Wall_Street_Journal-20080115
Dollar General Names Dreiling Chief Executive
Dollar General Corp. named Duane Reade Inc. veteran Richard W. Dreiling chief executive, effective Monday.
Mr. Dreiling, 54 years old, most recently was chairman and CEO of Duane Reade, the New York-based drugstore chain.
President and Chief Operating Officer David L. Bere was serving as interim chief executive of the Goodlettsville, Tenn., discount chain following the resignation of David A. Perdue from the chairman and CEO posts. The company announced in June that Mr. Perdue would leave the then-publicly traded company following the July completion of its merger with Buck Acquisition Corp., an affiliate of Kohlberg Kravis Roberts & Co.
"Rick ranks among the retail industry's outstanding executives, and he has a long and successful track record," said Mike Calbert, Dollar General's chairman and a member of KKR. "He believes in the brand and understands what it means to our customers, and he will ensure we maintain the business and financial discipline necessary to take Dollar General to the next level."
Duane Reade, meanwhile, said Chief Marketing Officer David D'Arezzo will serve as interim chief executive. Alan J. Lacy, a senior adviser of Oak Hill Capital Partners and former chief executive and chairman of Sears Holdings Corp., will advise Duane Reade on its chief executive search.
Mr. Dreiling is a 38-year veteran of the retail industry, having worked at Safeway Inc. and Longs Drug Stores Corp. before assuming his posts at Duane Reade. Mr. Bere will continue as president and chief operating officer.
