8-KLeadership Changes

DOLLAR GENERAL CORP 8-K Report, Executive Changes (Dec 4, 2006)

Filed December 4, 2006For Securities:DG

Summary

This Form 8-K filing by Dollar General Corporation (DG) on December 4, 2006, announces a significant leadership change. Effective December 4, 2006, the Board of Directors appointed David L. Beré as the new President and Chief Operating Officer. Mr. Beré has been a director of the company since June 2002, and will continue in that role. This appointment marks a transition for the company's operational leadership. The filing also details Mr. Beré's compensation package, which includes a $700,000 annual base salary, eligibility for the Teamshare bonus program with a target of 70% of base salary, and potential equity awards under the stock incentive plan. He will also receive standard executive perquisites, including a leased vehicle or car allowance, and participation in relocation policies. The report also outlines severance provisions in case of termination without cause or resignation for good reason, subject to standard executive agreements.

Key Highlights

  • 1Dollar General appointed David L. Beré as President and Chief Operating Officer, effective December 4, 2006.
  • 2Mr. Beré has served as a DG director since June 2002 and will continue in that capacity.
  • 3His annual base salary as President and COO will be $700,000.
  • 4Mr. Beré is eligible for the Teamshare bonus program, with a target bonus of 70% of his base salary for fiscal year 2006.
  • 5He will also be eligible for stock incentive plan awards and executive perquisites, including a leased vehicle or car allowance.
  • 6Severance benefits are outlined, providing 12 months of base salary continuation upon termination without cause or resignation for good reason, contingent on executing a release and adhering to restrictive covenants.

Frequently Asked Questions

David L. Beré has been appointed as the new President and Chief Operating Officer of Dollar General Corporation, effective December 4, 2006.

Mr. Beré will receive an annual base salary of $700,000. He is also eligible for the Teamshare bonus program (with a target of 70% of base salary for FY2006), stock incentive plan awards, executive perquisites like a leased vehicle or car allowance, and other standard employee benefits.

Yes, Mr. Beré is entitled to severance payments consisting of 12 months of base salary continuation if his employment is terminated by the Company without cause or if he voluntarily resigns for good reason. This is contingent upon his execution of a release and adherence to non-compete, non-solicitation, and confidentiality agreements.

Yes, David L. Beré has served as a director on Dollar General's Board of Directors since June 2002.