Todd Vasos, who served as Dollar General CEO for seven years before retiring last year, is now back at the helm.

The discount retailer announced it had reinstated Vasos to replace Jeff Owen who served in the job for less than a year, according to a CNN report.

"At this time the Board has determined that a change in leadership is necessary to restore stability and confidence in the Company moving forward," Michael Calbert, the chair of Dollar General's board of directors, in a statement, according to CNN.

The news comes at a time the retail chain is dealing with slowing growth and after it reduced its initial sales and profit predictions for the year.

"I look forward to getting back to work with the broader team as we strive to return to a position of operational excellence for our employees and customers and deliver sustainable long-term growth and value creation for our shareholders," Vasos said in the statement.

At the start of this year both Dollar General Corp. and Dollar Tree Inc. stated they expected to have 1,300 more stores open by the end of their current fiscal year, according to a Wall Street Journal report.

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