Bryan Wheeler
DOLLAR GENERALAbout Bryan Wheeler
Bryan Wheeler was promoted to Executive Vice President and Chief Merchandising Officer (CMO) at Dollar General effective November 16, 2025. He joined DG in 2006 as Vice President, Division Merchandise Manager and has served as Senior Vice President, General Merchandise Manager since 2017; prior to DG he spent more than 20 years at Kmart across merchandising, store operations, and supply chain . As CMO, Wheeler now leads all consumable and non‑consumable merchandising initiatives, global sourcing, merchandise operations, global inventory management and in‑store experience for Dollar General and pOpshelf . Company performance metrics underpinning executive incentives include Adjusted EBIT, Net Sales, Adjusted EBITDA, ROIC, and cumulative TSR; in 2024 DG delivered net sales of $40.612B (98.4% of target) and Adjusted EBIT of $1.863B (71.9% of target), with no PSU payout for EBITDA or ROIC components and a 10.2% Teamshare bonus payout factor against target ; DG’s 2024 cumulative TSR value of a $100 investment was $49.38 versus $222.95 for the peer group .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dollar General | EVP & Chief Merchandising Officer | Nov 2025–Present | Leads global merchandising, sourcing, merchandise operations, inventory management, and in‑store experience across DG and pOpshelf . |
| Dollar General | SVP, General Merchandise Manager | 2017–2025 | Oversaw general merchandise categories; contributed to merchandising execution and assortment strategy . |
| Dollar General | VP, Division Merchandise Manager | 2006–2017 | Led divisional merchandising, establishing foundations for category growth . |
| Kmart | Various roles in merchandising, store operations, supply chain | >20 years (pre‑2006) | Broad retail operating experience across merchandising and operations . |
External Roles
No external public company directorships or committee roles were disclosed for Wheeler in DG filings and press releases reviewed .
Fixed Compensation
Not disclosed for Wheeler in the available filings. The November 13, 2025 Form 8‑K detailed compensation changes for Emily Taylor’s COO promotion but did not include Wheeler’s base salary or bonus targets .
Performance Compensation
DG’s executive incentive framework applicable to EVP‑level officers emphasizes pay‑for‑performance across short‑term Teamshare and long‑term equity programs. 2024 results and structures are below.
| Metric | Weighting | Target | Actual | Result vs Target | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| Teamshare – Adjusted EBIT | 80% | $2,590M | $1,863M | 71.9% | Cliff at target; interpolation to max; below target → 0% component | Annual cash bonus per program terms |
| Teamshare – Net Sales | 20% | $41,257M | $40,612M | 98.4% | 50% at threshold; interpolation to target and max | Annual cash bonus per program terms |
| Teamshare – Total Payout Factor | — | — | — | — | 10.2% of target bonus for each NEO based on combined metrics | Paid per program timing |
| PSUs – Adjusted EBITDA (FY 2024) | 50% of PSU award | $3,548M | $2,827M | 79.7% | Cliff at target; below target → 0% earned | Earned shares settle per plan; 1‑yr performance period |
| PSUs – Adjusted ROIC (FY 2024–2026 avg) | 50% of PSU award | 18.65% | 20.28% (2022–2024 outcome) | 88.4% (2022–2024 period) | Threshold 50%, target 100%, max 200%; straight‑line interpolation | Cliff vest April 1, 2027 if earned; 3‑yr period |
Notes:
- In 2025, DG shifted long‑term equity mix for executive officers to 50% PSUs and 50% RSUs to enhance retention and resilience; Teamshare added a 10% strategic objective and set weights at 70% Adjusted EBIT and 20% Net Sales .
- 2024 long‑term equity for non‑CEO NEOs was 50% stock options (25% annual vest over 4 years) and 50% PSUs (Adjusted EBITDA one‑year and Adjusted ROIC three‑year) .
Equity Ownership & Alignment
| Ownership Item | Quantity | Terms | Notes |
|---|---|---|---|
| Common Stock (Direct) | 21,475 | N/A | Beneficially owned via Form 3 filed Nov 18, 2025 . |
| Ownership % of Shares Outstanding | 0.0098% | 21,475 / 219,947,078 | Based on DG shares outstanding as of Mar 20, 2025 ; Wheeler common shares . |
| Employee Stock Option – Grant A | 3,193 | $90.37 strike; expires 12/05/2027 | Direct ownership per Form 3 . |
| Employee Stock Option – Grant B | 6,583 | $92.98 strike; expires 03/21/2028 | Direct ownership per Form 3 . |
| Employee Stock Option – Grant C | 5,377 | $117.13 strike; expires 03/20/2029 | Direct ownership per Form 3 . |
Alignment policies and guidelines:
- Hedging and pledging prohibited for officers; margin accounts disallowed .
- Double‑trigger change‑of‑control for equity awards; no excise tax gross‑ups (except relocation) .
- Share ownership guidelines: EVP at 3x base salary; 50% of net shares retained until guideline met .
Employment Terms
Company‑wide executive policies relevant to Wheeler’s role:
- Clawback policy for erroneously awarded incentive compensation following a material restatement, regardless of personal culpability .
- Executive employment agreements at DG include non‑competition, non‑solicitation, non‑interference, non‑disparagement, confidentiality, and automatic term extension features; base salary floors and participation in the annual officers bonus program are stipulated for named executives (illustrative terms for EVP roles in 2024 agreements) .
- Equity acceleration provisions (e.g., death/disability), option vesting schedules, and PSU mechanics are governed by DG’s stock plans and described in the proxy; acceleration is double‑trigger upon change in control .
Investment Implications
- Execution leverage: Wheeler’s four decades of merchandising and operations experience, including senior leadership since 2017 at DG, positions him to drive assortment, sourcing, and inventory discipline across both consumables and non‑consumables—critical for EBIT and inventory turns underpinning Teamshare and PSU metrics .
- Incentive alignment: DG’s 2025 inclusion of RSUs alongside PSUs strengthens retention and balances volatility risk; emphasis on Adjusted EBIT, Net Sales, and ROIC ties directly to core merchandising outcomes under Wheeler’s remit .
- Insider dynamics: Wheeler’s disclosed holdings include 21,475 common shares and options expiring 2027–2029, indicating longer‑dated derivative exposure and limited near‑term expiration‑driven selling pressure; pledging/hedging prohibitions reduce misalignment risk .
- Governance and shareholder feedback: DG’s pay program changes and addition of distinct metrics responded to a 72.8% Say‑on‑Pay outcome in 2024, aiming to improve pay‑for‑performance optics and resilience; this context matters for evaluating future payouts under Wheeler’s compensation framework .