Earnings Mastery
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
Earnings Mastery
No Result
View All Result
Home Business

Kroger chairman and CEO resigns following investigation into personal conduct

March 5, 2025
in Business
Kroger chairman and CEO resigns following investigation into personal conduct
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

Kroger Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct.

Kroger, the nation’s largest grocery chain, said Monday that the investigation into McMullen’s personal conduct was unrelated to the business, but was found to be inconsistent with its business ethics policy.

Board member Ronald Sargent will serve as chairman and interim CEO, effective immediately.

Sargent has been on Kroger’s board since 2006 and has served as the lead director of the company since 2017. He’s worked in several roles at the grocery chain across stores, sales, marketing, manufacturing and strategy. Sargent is also the former chairman and CEO of Staples.

McMullen, 64, began his career with Kroger in 1978 as a part-time stock clerk and bagger at a store in Lexington, Kentucky. He worked his way up through the company, becoming chief financial officer in 1995 and chief operating officer in 2009. McMullen was named Kroger’s CEO in 2014 and became the company’s chairman the following year.

Cincinnati-based Kroger said its board was made aware of the situation on Feb. 21 and immediately hired an outside independent counsel to conduct an investigation, overseen by a special board committee.

The company said that McMullen’s conduct is not related to its financial performance, operations or reporting, and did not involve any Kroger associates.

Kroger will conduct a search for its next CEO, with Sargent agreeing to remain as interim CEO until someone is appointed to the role permanently.

Kroger shares fell more than 3.5% ahead of the opening bell Monday.

McMullen’s departure comes as Kroger is regrouping from its failed effort to merger with Albertsons. The two companies proposed what would have been the largest supermarket merger in U.S. history in 2022, saying they needed to combine forces to better compete with rivals like Walmart.

But two judges halted the $24.6 billion deal in December, saying it was likely to lessen competition and raise prices. Albertsons later sued Kroger, saying it had failed to make every effort to ensure that the merger would win regulatory approval.

This post appeared first on NBC NEWS

Previous Post

Treasury ends enforcement of business ownership database meant to stop shell company formation

Next Post

DOGE plans to wind down consumer protection agency and fire nearly all staff, employees say

Next Post
DOGE plans to wind down consumer protection agency and fire nearly all staff, employees say

DOGE plans to wind down consumer protection agency and fire nearly all staff, employees say

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    Top 4 Dow Jones stocks to buy and hold for the next bull run

    May 16, 2025
    Asian markets open: Nikkei, Hang Seng fall amid Alibaba’s 4% drop; Sensex slips over 200 pts

    Asian markets open: Nikkei, Hang Seng fall amid Alibaba’s 4% drop; Sensex slips over 200 pts

    May 16, 2025
    Saudi Arabia’s $600B US bet: can high oil prices and Trump’s low gas wishes coexist?

    Saudi Arabia’s $600B US bet: can high oil prices and Trump’s low gas wishes coexist?

    May 16, 2025
    Japan sees record fund inflows as Trump’s tariff threats drive investors from US markets

    Japan sees record fund inflows as Trump’s tariff threats drive investors from US markets

    May 16, 2025
    Europe markets open: STOXX 600 rises 0.4% on trade hopes, ECB signals rate peak

    Europe markets open: STOXX 600 rises 0.4% on trade hopes, ECB signals rate peak

    May 16, 2025
    No emails, no early meetings: Airbnb’s Chesky on why CEOs don’t need to be ‘miserable’

    No emails, no early meetings: Airbnb’s Chesky on why CEOs don’t need to be ‘miserable’

    May 16, 2025

    Disclaimer: EarningsMastery.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Popular

    Asia markets on Friday: Hang Seng, Nifty end in green, Nikkei dips sharply

    Asia markets on Friday: Hang Seng, Nifty end in green, Nikkei dips sharply

    April 12, 2025

    Latest

    Top 4 Dow Jones stocks to buy and hold for the next bull run

    May 16, 2025
    Asian markets open: Nikkei, Hang Seng fall amid Alibaba’s 4% drop; Sensex slips over 200 pts

    Asian markets open: Nikkei, Hang Seng fall amid Alibaba’s 4% drop; Sensex slips over 200 pts

    May 16, 2025
    Saudi Arabia’s $600B US bet: can high oil prices and Trump’s low gas wishes coexist?

    Saudi Arabia’s $600B US bet: can high oil prices and Trump’s low gas wishes coexist?

    May 16, 2025
    • About us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 earningsmastery.com | All Rights Reserved

    No Result
    View All Result
    • Politics
    • Business
    • Investing
    • World

    Copyright © 2025 earningsmastery.com | All Rights Reserved