Dollar General has elected Cracker Barrel Old Country Store President and CEO Sandy Cochran to its board, effective today.
Cochran came to Cracker Barrel and Middle Tennessee in the spring of 2009 as CFO and was named president and COO two years ago. Following the retirement of CEO Mike Woodhouse, she was named to her current roles in September of last year. Her election brings to five the number of independent directors on Dollar General’s board.
The addition of Cochran, who will serve on the audit committee, means independent directors now are a majority on the Goodlettsville-based retailer's board, something that needed to happen once investors Kohlberg Kravis Roberts and Goldman Sachs sold off enough of their stakes to take their combined holdings below 50 percent. Dollar General in October also added NBCUniversal News Group Chairman Patricia Fili-Krushel to its board.
“We are excited to add Sandy to the Dollar General board of directors,” said Rick Dreiling, Dollar General’s chairman and CEO. “Sandy’s extensive experience and perspective will provide us with valuable insights as we continue to grow our business. Her expertise will complement our Board as we strive to build shareholder value.”
Shares of Dollar General (Ticker: DG) are down about 1.7 percent in mid-day action. So far this year, they've climbed about 15 percent.