The move is effective May 30, 2015 or upon appointing his successor. Dreiling has served as CEO since Jan. 2008 and became chairman later that year. Dollar General said he would stay on as chairman during a transitional period after the company appoints a new CEO.
"After considerable reflection, I am at a point where it is appropriate to begin to plan for my retirement," Dreiling said. He added he would help the company's board recruit a new chief executive and then mentor him or her.
Must Read: Warren Buffett's 25 Favorite Stocks
During Dreiling's time as CEO, Dollar General's annual sales increased more than 80% to $17.5 billion in 2013, the company said in its statement. Dollar General's number of stores increased 38% to more than 11,000 stores in 40 states.
The stock was down 6% to $57.98 at 10;13 a.m.
TheStreet Ratings team rates DOLLAR GENERAL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate DOLLAR GENERAL CORP (DG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, growth in earnings per share, notable return on equity and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins."