The stock price of Dollar General Corp. (NYSE:DG) plummeted after the company announced the retirement of its Chairman and CEO Rick Dreiling on May 30, 2015 or upon the appointment of a successor.

Dollar general

Dollar General Corp. (NYSE:DG) is trading $57.48 per share, down by nearly 7% at the time of this writing around 11:54 A.M. in New York.

According to the discount retailer, Dreiling agreed to serve as chairman during the transition period following the appointment of a new CEO based on the discretion of the board of directors.

Dollar General expanded under Dreiling’s leadership

Dollar General Corp. (NYSE:DG) expanded under the tenure of Dreiling. According to the discount retailer, its annual sales climbed by over 80% to $17.5 billion in 2013. The number of its store increased 38% to more than 11,000 in 40 states. Dreiling joined the discount retailer as CEO in January 2008 and was named chairman of the board by the end of that year.

In a statement, Dreiling said, “Dollar General is in a strong position today, and I’m confident it has excellent prospects for the future. 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.”

He also emphasized that Dollar General Corp. (NYSE:DG) is a great company because of its people and mission of serving others. According to him, he is “extremely proud” of the success of the company over the past six years. He said, “I am honored to have had the opportunity to lead such an experienced and talented team.”

One of the retail industry’s leading CEO

On the other hand, Mike Calbert, lead director of Dollar General Corp. (NYSE:DG) said Dreiling has proven that he is one of the leading CEO’s of the retail industry.

“I want to thank Rick for his outstanding leadership. During his tenure as CEO, Rick has driven significant shareholder value and led the company’s improvement on essentially every key operating metric,” said Calbert.

In addition, Calbert said Dreiling recruited and developed an outstanding management team and strengthened the culture and mission of Dollar General Corp. (NYSE:DG). Calbert further said, “The board is confident the company is well-positioned as we search for a new CEO. We’re fortunate to have Rick in his role until a new CEO assumes these duties.”

The board of directors Dollar General Corp. (NYSE:DG) is conducting an internal and external search for a new CEO. Dreiling’s retirement date and any agreement regarding his continued service on the board are expected to be finalized under his retirement agreement with the company.