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Oppenheimer said in a note Tuesday it was surprised by the news that Dollar General (NYSE:DG) President and Chief Financial Officer John Garratt intends to retire, effective June 2.
Garratt joined Dollar General in 2014 as the company’s Senior Vice President of Finance & Strategy and was named Executive Vice President and CFO in December 2015, then serving as DG’s President and CFO since September 2022.
Oppenheimer analysts noted that the company did not provide an updated outlook, “which is consistent with recent practices (i.e., CEO announcement in July 2022).”
“Under John’s leadership over the years, the DG management team has delivered significant shareholder value and he will be missed,” wrote the analysts.
The analysts also noted that DG said it is not currently conducting an external search and is looking at internal options. “DG management has a strong bench, and we expect solid execution to continue under CEO Jeff Owen’s leadership,” they added.
Despite the news, DG continues to rank as a top pick for Oppenheimer, but they do expect a bumpier ride near-term until Street estimates fully reset.
