Kroger Chairman and CEO Rodney McMullen has resigned following an internal investigation into his personal conduct. The investigation found that McMullen’s behavior was inconsistent with the company’s business ethics policy.
McMullen, 64, had been with the company since 1978 and held various roles before becoming CEO in 2014. He will be replaced by Board member Ronald Sargent, who has served on Kroger’s board since 2006 and previously led Staples as CEO.
The investigation was not related to Kroger’s financial performance or operations, and did not involve any associates. The company’s shares fell nearly 3% following the announcement.
Kroger is now conducting a search for its next CEO, with Sargent agreeing to serve as interim CEO until a permanent replacement is found. This comes as the company regroups from its failed effort to merge with Albertsons, which was halted by judges in December over concerns about reduced competition and price increases.
Source: https://apnews.com/article/kroger-mcmullen-resignation-ohio-da4088a0b626d56b55e2fe75f4520476