Dollar General Scandals

I could find no recent scandal information linked with Dollar General, which is a good thing, but they had their fair share of scandals in 2001 and 2002 when Dollar General Chairman and Chief Executive Cal Turner Jr. was awarded a $800,000 cash bonus but had reported wrong accouting information. Even though he apologized the damage had been done.  See below.

WSJ looks at Turner's handling of Dollar General's accounting scandal

Cal Turner Jr.’s apology earlier this week for a $199 million restatement of Dollar General Corp.’s (DG) earnings was at odds with

By David A. Fox

01-17-2002 12:00 AM — Cal Turner Jr.’s apology earlier this week for a $199 million restatement of Dollar General Corp.’s (DG) earnings was at odds with other corporations’ recent treatment of accounting scandals, The Wall Street Journal noted in an article Thursday. It is in contrast with Enron Corp.’s reluctant treatment of its financial scandal and with former Sunbeam CEO Al Dunlap’s agreement to pay $15 million to settle a lawsuit.
It also quoted New York psychologist Mort Feinberg as saying that Turner shouldered “an emormous amount of pain” during the nine-month ordeal, particularly when his honesty was being questioned. Feinberg, who runs BFS Psychological Associates, counsels businesses executives on how to deal with various stresses. Described as a 15-year friend and close adviser to Turner, Feinberg organized a book club for Dollar General executives, according to a Doubleday webpage devoted to workplace book groups.
The Journal article also pointed out that some observers were supportive of Turner’s efforts to improve financial reporting at the Goodlettsville-based retailer; however, others criticized the inclusion of John Holland on the Dollar General audit committee that supervises the reports. He was CEO of Fruit of the Loom in 2000, a year in which the clothing maker sold $53.5 million of goods to Dollar General.

Do I see a pattern here!