Rodney McMullen, the CEO of Kroger, stepped down promptly following an inquiry which revealed that his behavior breached the organization’s ethical guidelines. The board clarified that his actions had no connection to the company’s financial status, daily operations, or staff members.
Here’s what we know about his resignation.
Kroger CEO Rodney McMullen’s resignation explained
Kroger’s Chair and CEO, Rodney McMullen, stepped down promptly following an internal probe that discovered his behavior didn’t align with the organization’s ethical guidelines.
According to a recent announcement, the company clarified that the incident in question had no connection to its financial status, day-to-day activities, or reporting procedures. Moreover, it was not linked to any of the company’s staff members. The board became aware of this matter on February 21 and promptly engaged an external lawyer for thorough investigation. A dedicated committee within the board took charge of supervising this inquiry.
Ronald Sargent, who joined the Kroger board in 2006 and previously served as CEO of Staples, has been appointed as the interim CEO. In a press statement, he expressed his dedication to collaborate with our established and seasoned management team and hardworking staff members, aiming to continue delivering outstanding value to our customers. The board has set up a search committee and enlisted an external agency to identify McMullen’s replacement.
McMullen began working at Kroger as a part-time stock clerk in 1978 and eventually rose to the position of CEO in 2014. Last year, Kroger called off its $25 billion merger with Albertsons due to resistance from regulators. McMullen’s resignation came after the deal fell through. Later on, Albertsons filed a lawsuit against Kroger, claiming that they had violated their contract by not taking “all necessary actions” to obtain regulatory approval. (As reported by CNN)
After the merger failed, some local unions of the United Food and Commercial Workers demanded McMullen’s resignation, especially following Kroger’s declaration of a $7.5 billion stock repurchase plan. Kroger confirmed that he would not receive a 2024 bonus despite earning a total compensation of $15.71 million in 2023. The company’s stock dropped approximately 1.4% after the announcement was made. (Investing)
Kroger is scheduled to release its quarterly earnings report later this week.
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2025-03-04 10:48