Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-02

Dollar General (DG)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$8,163,197
Todd Vasos total, FY2025
1st
CEO pay percentile vs peers
432:1
CEO-to-median pay ratio
87.99%
Say-on-pay support, latest vote
Companies that benchmark against DG
13 companies name DG as a compensation peer

Each company listed discloses DG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named DG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Todd Vasos$1,608,395$0$0$0$6,020,167$0$534,635$8,163,197
Chief Executive Officer
Emily Taylor866,53305,874,90101,282,0170118,3688,141,819
Chief Operating Officer
Steven Deckard601,06505,058,0250002,030,2697,689,359
Former Executive Vice President, Strategy & Development
Rhonda Taylor769,99105,619,89901,059,8280155,8777,605,595
Executive Vice President & General Counsel
Donny H. Lau230,777900,0006,107,1250309,729018,7097,566,340
Executive Vice President & Chief Financial Officer
Carman Wenkoff764,19505,619,89901,060,370073,7947,518,258
Executive Vice President & Chief Information Officer
Kelly Dilts465,45005,619,89900040,5246,125,873
Former Executive Vice President & Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Todd Vasos$8,163,197$2,152,357$8,980,117+6,010,840
Emily Taylor8,141,8193,225,7902,633,855+4,916,029
Steven Deckard7,689,3592,820,135+4,869,224
Rhonda Taylor7,605,5953,225,7902,633,855+4,379,805
Donny H. Lau7,566,340
Carman Wenkoff7,518,2582,780,9702,274,230+4,737,288
Kelly Dilts6,125,8732,841,6811,965,200+3,284,192

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Kathleen M. ScarlettDirector2026-05-28D0.33$110$36CommonForm 4 ↗
Timothy I. McGuireDirector2026-05-28A1,64700CommonForm 4 ↗
Michael M. CalbertDirector2026-05-28A1,64700CommonForm 4 ↗
Ana M. ChadwickDirector2026-05-28D0.3311036CommonForm 4 ↗
Gregory H. HicksDirector2026-05-28A1,64700CommonForm 4 ↗
Ralph E. SantanaDirector2026-05-28D0.3311036CommonForm 4 ↗
Debra A. SandlerDirector2026-05-28A1,64700CommonForm 4 ↗
Timothy I. McGuireDirector2026-05-28D0.3311036CommonForm 4 ↗
Ana M. ChadwickDirector2026-05-28A1,64700CommonForm 4 ↗
Ralph E. SantanaDirector2026-05-28A1,64700CommonForm 4 ↗
Kathleen M. ScarlettDirector2026-05-28A1,64700CommonForm 4 ↗
Debra A. SandlerDirector2026-05-28D0.3311036CommonForm 4 ↗
David P. RowlandDirector2026-05-28A1,64700CommonForm 4 ↗
Warren F. BryantDirector2026-05-28D1.29110141CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Steven DeckardPSU2025-03-2515,31330,62561,250$2,529,013
Carman WenkoffPSU2025-03-2517,01434,02768,0542,809,950
Donny H. LauRSU2025-12-0812,2861,526,781
Kelly DiltsRSU2025-03-2534,0272,809,950
Donny H. LauRSU2025-12-0824,5723,053,562
Steven DeckardRSU2025-03-2530,6252,529,013
Donny H. LauPSU2025-12-086,14312,28624,5721,526,781
Kelly DiltsPSU2025-03-2517,01434,02768,0542,809,950
Carman WenkoffRSU2025-03-2534,0272,809,950
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Steven Deckard$2,529,013$2,529,013$050.0%
Carman Wenkoff2,809,9502,809,950050.0%
Donny H. Lau4,580,3431,526,781025.0%
Kelly Dilts2,809,9502,809,950050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Carman WenkoffOption4,984214.25
Carman WenkoffRSU34,0274,880,493
Carman WenkoffPSU34,0264,880,349
Kelly DiltsRSU34,0274,880,493
Carman WenkoffPSU3,130448,936
Kelly DiltsPSU3,578513,193
Kelly DiltsRSU34,0284,880,636
Kelly DiltsRSU2,052294,318
Kelly DiltsPSU34,0264,880,349
Kelly DiltsOption19,512154.21
Carman WenkoffOption6,812208.13
Todd VasosOption250,000117.33
Kelly DiltsOption8,014208.13
Kelly DiltsOption4,984214.25
Carman WenkoffRSU34,0284,880,636
Carman WenkoffOption17,073154.21
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to serve the long-term interests of our shareholders. To deliver superior shareholder returns, we believe it is critical to offer a competitive compensation package that will attract, retain, and motivate experienced executives with the requisite expertise. Our program is designed to pay for performance by effectively balancing short-term and long-term incentives based on achievement of our annual and long-term business objectives, as well as to maintain our competitive position in the market in which we compete for executive talent.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-28160,040,42121,835,901865,01487.99%Passed
20252025-05-29161,795,02711,239,6252,126,22193.5%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-2887.99%a
20252025-05-2993.5%b

a. Approved under the standard stated in the filing — “How will abstentions and broker non-votes be treated? Abstentions and broker non-votes will be treated as shares that are present and entitled to vote for purposes of determining whether a quorum is present but will not be counted as votes cast either in favor of or against a particular proposal and will have no effect on the outcome of the particular proposal.”.

b. Approved under the standard stated in the filing — “How will abstentions and broker non-votes be treated? Abstentions and broker non-votes will be treated as shares that are present and entitled to vote for purposes of determining whether a quorum is present but will not be counted as votes cast either in favor of or against a particular proposal and will have no effect on the outcome of the particular proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)432 : 1
CEO total compensation$8,163,197
Median employee compensation$18,876
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Michael M. CalbertIndependent · Audit$95,000$392,919$0$10,805$498,724
Ana M. ChadwickIndependent · Audit (Chair)145,000203,16604,484352,650
David P. RowlandIndependent · Board Chair · Technology (Chair)131,875203,16604,484339,525
Kathleen M. ScarlettIndependent · CHCM120,000203,16605,556328,722
Timothy I. McGuireIndependent · CHCM (Chair) · Technology115,000203,16604,484322,650
Debra A. SandlerIndependent · Audit · NGCR (Chair)112,500203,16604,484320,150
Ralph E. SantanaIndependent · Technology95,000203,16604,484302,650
Warren F. BryantIndependent · Audit · CHCM · Not standing for re-election95,000203,16604,484302,650
Todd J. VasosEmployee director00000
Gregory H. HicksIndependent · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$95,000
Annual equity retainer$190,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 17,500
Stock ownership guideline5x annual cash retainer
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$909,375
Equity awards (grant-date value)$1,815,081
All other compensation$43,265
Total cost of the board$2,767,721

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Dollar General names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Dollar General.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Starbucks2025Brian Niccol$1,599,998$19,881,585$0$1,971,000$30,992,773
2TJX Companies2026Ernie Herrman1,700,00014,300,17308,386,10026,603,537
3Target2025Brian Cornell1,400,00018,555,2800787,92021,830,088
4Sysco2025Kevin Hourican1,392,30810,086,9012,499,9891,616,00016,228,599
5CarMax2026William Nash927,2166,024,6955,249,987487,22614,245,563
6Kroger2025Ronald L. Sargent3,975,80610,000,07714,037,608
7AutoZone2025Philip Daniele III1,000,00027,7547,198,7891,257,7519,636,414
8Dollar General2025Todd Vasos1,608,395006,020,1678,163,197

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Dollar General182.4%RSU 50 · PSU 50NoPearl Meyer
AutoZone96.75%Options 100not disclosedPearl Meyer
CarMax30%PSU 50 · Options 50NoSemler Brossy
Kroger93.84%not disclosedYes — Value creation (iTSR)Korn Ferry; Meridian Compensation Partners, LLC
Starbucks54.8%PSU 60 · RSU 40NoPay Governance
Sysconot disclosednot disclosedNoSemler Brossy
Targetnot disclosedPSU 60 · RSU 40NoSemler Brossy
TJX Companies180.7%PSU 54 · RSU 35 · Cash LTI 11NoPearl Meyer LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Todd VasosDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 8,163,197. Filing ↗machine: r1 · c48 · span 767818–767827
2Section 01, Emily TaylorDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 8,141,819. Filing ↗machine: r11 · c48 · span 805624–805633
3Section 01, Steven DeckardDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 7,689,359. Filing ↗machine: r17 · c48 · span 851846–851855
4Section 01, Rhonda TaylorDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 7,605,595. Filing ↗machine: r11 · c48 · span 820744–820753
5Section 01, Donny H. LauDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 7,566,340. Filing ↗machine: r4 · c48 · span 783245–783254
6Section 01, Carman WenkoffDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 7,518,258. Filing ↗machine: r14 · c48 · span 836772–836781
7Section 01, Kelly DiltsDEF 14A2026-04-070001104659-26-040394Section “Summary Compensation Table” · page 33. As printed: 6,125,873. Filing ↗machine: r5 · c48 · span 789673–789682
8Section 03, Steven Deckard PSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r21 · c51 · span 1052227–1052236
9Section 03, Carman Wenkoff PSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r18 · c51 · span 1034586–1034595
10Section 03, Donny H. Lau RSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r4 · c51 · span 956170–956179
11Section 03, Kelly Dilts RSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r8 · c51 · span 978740–978749
12Section 03, Donny H. Lau RSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r4 · c39 · span 955152–955158
13Section 03, Steven Deckard RSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r21 · c51 · span 1052227–1052236
14Section 03, Donny H. Lau PSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r4 · c51 · span 956170–956179
15Section 03, Kelly Dilts PSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r8 · c51 · span 978740–978749
16Section 03, Carman Wenkoff RSUDEF 14A2026-04-070001104659-26-040394Section “Grants of Plan-Based Awards in Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t122 · r18 · c51 · span 1034586–1034595
17Section 07, pay ratioDEF 14A2026-04-070001104659-26-040394Section “CEO Pay Ratio”. As printed: 432 : 1. Filing ↗
18Section 08, Michael M. CalbertDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 498,724. Filing ↗machine: t79 · r2 · c24 · span 493009–493016
19Section 08, Ana M. ChadwickDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 352,650. Filing ↗machine: t79 · r3 · c24 · span 496167–496174
20Section 08, David P. RowlandDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 339,525. Filing ↗machine: t79 · r5 · c24 · span 502050–502057
21Section 08, Kathleen M. ScarlettDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 328,722. Filing ↗machine: t79 · r8 · c24 · span 510640–510647
22Section 08, Timothy I. McGuireDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 322,650. Filing ↗machine: t79 · r4 · c24 · span 498891–498898
23Section 08, Debra A. SandlerDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 320,150. Filing ↗machine: t79 · r6 · c24 · span 504772–504779
24Section 08, Ralph E. SantanaDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 302,650. Filing ↗machine: t79 · r7 · c24 · span 507930–507937
25Section 08, Warren F. BryantDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 302,650. Filing ↗machine: t79 · r1 · c24 · span 490285–490292
26Section 08, Todd J. VasosDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 0. Filing ↗
27Section 08, Gregory H. HicksDEF 14A2026-04-070001104659-26-040394Section “Director Compensation”. As printed: 0. Filing ↗
28Section 02, Kathleen M. Scarlett 2026-05-28Form 42026-05-290000029534-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Timothy I. McGuire 2026-05-28Form 42026-05-290000029534-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Michael M. Calbert 2026-05-28Form 42026-05-290000029534-26-000058Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Ana M. Chadwick 2026-05-28Form 42026-05-290000029534-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Gregory H. Hicks 2026-05-28Form 42026-06-010000029534-26-000074Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Ralph E. Santana 2026-05-28Form 42026-05-290000029534-26-000068Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Debra A. Sandler 2026-05-28Form 42026-05-290000029534-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Timothy I. McGuire 2026-05-28Form 42026-05-290000029534-26-000062Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Ana M. Chadwick 2026-05-28Form 42026-05-290000029534-26-000060Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Ralph E. Santana 2026-05-28Form 42026-05-290000029534-26-000068Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Kathleen M. Scarlett 2026-05-28Form 42026-05-290000029534-26-000070Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Debra A. Sandler 2026-05-28Form 42026-05-290000029534-26-000066Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, David P. Rowland 2026-05-28Form 42026-05-290000029534-26-000064Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Warren F. Bryant 2026-05-28Form 42026-05-290000029534-26-000056Insider equity transaction reported since the proxy statement. Filing ↗
42Section 06, 2026 voteForm 8-K2026-06-020001104659-26-069198Item 5.07 · say-on-pay result. As reported: 87.99% (votes for as printed: 160,040,421). Filing ↗
43Section 06, 2025 voteForm 8-K2025-06-030001104659-25-055706Item 5.07 · say-on-pay result. As reported: 93.5% (votes for as printed: 161,795,027). Filing ↗
44Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
45Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
46Section 09b board cost (computed)ComputedcomputedCash 909,375 + equity 1,815,081 + all other 43,265 = 2,767,721, summed across the director compensation table rows.machine: formula: Σ = 2,767,721
47Starbucks, Section 10b CEO totalDEF 14A2026-01-260001213900-26-007780CEO total compensation as printed in Starbucks's own proxy. As printed: 30,992,773. Filing ↗machine: span 2373800–2373810
48TJX Companies, Section 10b CEO totalDEF 14A2026-04-300000109198-26-000015CEO total compensation as printed in TJX Companies's own proxy. As printed: 26,603,537. Filing ↗machine: r2 · c21 · span 787052–787062
49Target, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027508CEO total compensation as printed in Target's own proxy. As printed: 21,830,088. Filing ↗machine: r2 · c8 · span 2775825–2775836
50Sysco, Section 10b CEO totalDEF 14A2025-10-020000096021-25-000147CEO total compensation as printed in Sysco's own proxy. As printed: 16,228,599. Filing ↗machine: r2 · c9 · span 2488720–2488730
51CarMax, Section 10b CEO totalDEF 14A2026-05-120001170010-26-000045CEO total compensation as printed in CarMax's own proxy. As printed: 14,245,563. Filing ↗machine: r13 · c45 · span 642071–642081
52Kroger, Section 10b CEO totalDEF 14A2026-05-130001104659-26-060250CEO total compensation as printed in Kroger's own proxy. As printed: 14,037,608. Filing ↗machine: t229 · r1 · c9 · span 692555–692565
53AutoZone, Section 10b CEO totalDEF 14A2025-10-280001104659-25-103210CEO total compensation as printed in AutoZone's own proxy. As printed: 9,636,414. Filing ↗machine: t176 · span 1797509–1797518
54Dollar General (subject), Section 10b CEO totalDEF 14A2026-04-070001104659-26-040394CEO total compensation as printed in Dollar General's own proxy. As printed: 8,163,197. Filing ↗machine: r1 · c48 · span 767818–767827
55Section 10a, Starbucks reciprocityDEF 14A0001213900-26-007780Starbucks's most recent proxy was read; its disclosed peer group does not include Dollar General. Filing ↗
56Section 10a, Sysco reciprocityDEF 14A0000096021-25-000147Sysco names Dollar General in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, CarMax reciprocityDEF 14A0001170010-26-000045CarMax's most recent proxy was read; its disclosed peer group does not include Dollar General. Filing ↗
58Section 10a, AutoZone reciprocityDEF 14A0001104659-25-103210AutoZone's most recent proxy was read; its disclosed peer group does not include Dollar General. Filing ↗
59Section 10a, Target reciprocityDEF 14A0001628280-26-027508Target names Dollar General in its own disclosed peer group (read from its most recent proxy). Filing ↗