CINCINNATI, OHIO — The Kroger Co. (NYSE: KR) has announced that Chairman and Chief Executive Officer Rodney McMullen has resigned from the Company following a Board investigation of his personal conduct.
In a statement from the company Monday, on February 21st, the Board was made aware of personal conduct issues regarding McMullen and immediately retained outside independent counsel to conduct an investigation. The company says McMullen’s conduct is not related to Kroger’s financial performance, operations or reporting, and it did not involve any Kroger associates.
The Board has appointed Lead Director Ronald “Ron” Sargent to serve as Chairman of the Board of Directors and interim Chief Executive Officer, effective immediately. The Board also announced that Mark Sutton will serve as Kroger’s lead independent director, also effective immediately.
The Board of Directors has formed a Search Committee and engaged a nationally recognized firm to conduct a search for Kroger’s next CEO. Sargent has agreed to serve in his role until the appointment of the next CEO.
“As interim CEO, I am committed to working alongside our proven and experienced management team and dedicated associates to ensure Kroger continues providing exceptional value for our customers,” sad Sargent Monday. “Kroger has been a special place throughout my retail career after spending summers in college working in stores, as well as my first ten years after business school at corporate headquarters, before more recently serving as lead independent director. My decades here have given me a full appreciation of what makes Kroger unique, and I am excited to work even more closely with this talented team. I plan to be a steady, but active hand in the execution of our strategy.”
“Over the years, Ron has played an integral role in the development and approval of Kroger’s strategy, which has led us to the position of strength where we are today,” said Mark Sutton, Kroger’s newly appointed lead independent director. “Kroger will continue to deliver for our customers, invest in our associates, strengthen our communities, and reward our shareholders under Ron’s leadership.”
Kroger operates multiple grocery store chains across the country, including Pick ‘n Save and Metro Market stores in Wisconsin as well as Roundy’s distribution centers.
