Kroger Announces Resignation of CEO Rodney McMullen
The Kroger Co. has announced the resignation of Chairman and CEO Rodney McMullen after a board investigation found his personal conduct to be inconsistent with the company’s business ethics policy. While the conduct in question was not related to Kroger’s operations, the board determined it warranted leadership changes.
In response, Kroger’s board has appointed Ron Sargent, the company’s Lead Director, as interim Chairman and CEO. Additionally, Mark Sutton will serve as Kroger’s Lead Independent Director. Both appointments take effect immediately as the company transitions to new leadership.
Kroger has not disclosed specific details about the investigation but reassured stakeholders that its operations remain stable.
The Kroger Co. has reported strong financial performance for its fiscal year ending February 3, 2024, with annual revenue reaching approximately $150.04 billion. This marks a 1.2% increase from the previous year, continuing the company’s pattern of steady growth.
Over the past few years, Kroger has consistently expanded its revenue:
- 2021: $137.89 billion (4.07% increase from 2020)
- 2022: $148.26 billion (7.52% increase from 2021)
- 2023: $150.04 billion (1.2% increase from 2022)
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