Turner resigns amid investigation

By Staff -- Home Textiles Today, 9/17/2002 2:50:00 PM

Goodlettsville, TN — In the wake of a Securities and Exchange Commission investigation into accounting irregularities, Cal Turner Jr. has resigned as ceo of Dollar General.

Turner, whose father and grandfather founded the off-price retailer, had been ceo since 1977. Turner did not explain his decision but added he would remain in his position until a successor is found. He will also be part of the special committee that searches for a new ceo.

In January, after a 10-month investigation, Dollar General said its profits for fiscal 1998 to 2000 were overstated by about $100 million, and the company agreed to pay $162 million to settle related shareholder lawsuits.