Kroger Announces CFO Transition

Rhea-AI Summary

Kroger Co. (KR) announced the appointment of Todd Foley as the interim CFO, replacing Gary Millerchip, who is leaving to assume an executive role at another public company. The company will name a permanent CFO successor at a later date. Foley, with over 30 years of experience, has been with Kroger since 2001 and has been instrumental in the company's financial strategy. His appointment comes at a crucial time as Kroger plans for a pending merger with Albertsons. Foley expressed excitement for leading the finance team and working towards the company's long-term value creation goals.

Insights

Financial Analyst

The appointment of Todd Foley as interim CFO of The Kroger Co. marks a significant transitional period for the company's financial leadership. Foley's extensive experience within Kroger, spanning over two decades, suggests a continuity in financial strategy and potentially a smooth transition. His involvement in the 'Leading with Fresh, Accelerating with Digital' strategy indicates an ongoing commitment to these initiatives, which are critical for Kroger's competitive positioning in the evolving grocery market.

Given the current retail environment, where digital transformation and fresh product offerings are key differentiators, Foley's expertise could be instrumental in driving further growth and maintaining market share. Investors will likely monitor the financial performance under Foley's interim leadership, particularly in the context of the pending merger with Albertsons, which could have substantial financial and operational implications for Kroger.

Mergers and Acquisitions Expert

The mention of Kroger's pending merger with Albertsons is particularly noteworthy, as mergers of this scale can significantly affect the company's financials and stock performance. Foley's interim position will be critical in navigating the pre-merger financial landscape and laying the groundwork for a successful integration. The success of such a merger relies heavily on effective financial management and synergy realization.

Stakeholders will be interested in how Foley will handle the financial complexities of the merger, as well as the strategic decisions that will impact shareholder value. The merger's progress and Foley's role in it could lead to reassessments of Kroger's financial health and future earnings potential by analysts and investors alike.

Corporate Governance Specialist

From a corporate governance perspective, the transition of CFOs in a publicly traded company like Kroger is a critical event. The CFO plays a vital role in maintaining investor confidence through financial transparency and strategic fiscal management. Foley's appointment as interim CFO and the search for a successor suggest that Kroger is mindful of governance practices by ensuring leadership continuity and preparing for an orderly succession.

Investors and governance watchdogs will be closely observing the selection process for a permanent CFO, the impact of this transition on Kroger's financial reporting and any changes in financial policies or risk management approaches that may ensue.

Todd Foley Appointed Interim CFO

CINCINNATI, Feb. 5, 2024 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today announced that Gary Millerchip is stepping down as senior vice president and chief financial officer to assume an executive role at another public company. Todd Foley, group vice president, corporate controller and chief accounting officer, has been appointed interim chief financial officer, effective today. The Company will name a CFO successor at a later date.

"Todd is a proven leader who has served in key finance roles and has contributed meaningfully to Kroger's growth and transformation over more than 20 years," said Rodney McMullen, Kroger's chairman and CEO. "Todd is the right person to take the helm and will step in seamlessly to continue advancing our value creation model and maintain a strong financial framework for our company as we plan ahead for our pending merger with Albertsons. At Kroger, we are fortunate to benefit from an incredibly deep bench of talent across our finance team and all levels of our organization as we continue to execute our strategy and generate sustainable returns for our shareholders."

Foley is a seasoned finance executive with over 30 years of experience. Since joining Kroger in 2001, he has served as assistant corporate controller, vice president and treasurer, and most recently as group vice president, corporate controller and chief accounting officer. He has been an architect of Kroger's financial strategy, including the Company's current Leading with Fresh, Accelerating with Digital strategy.

"This is an exciting time in Kroger's history, and it is an honor to lead our world-class finance team as we continue building for the future," said Foley. "Kroger has a successful go to market strategy, and there is great momentum across the business. I'm looking forward to continuing to work closely with the Kroger leadership team to deliver on our long-term value creation goals and ensure a smooth transition for all stakeholders."

McMullen continued, "On behalf of the Kroger Board and management team, I want to thank Gary for his contributions over the last 15 years, supporting Kroger's industry leadership and significant growth opportunities."

"I am proud of all we have accomplished at Kroger and have made the decision to transition into a new chapter in my career," said Millerchip. "Kroger is well positioned for the future, and I wish the team continued success."

About Todd Foley
Todd Foley has served as Kroger's group vice president, corporate controller and chief accounting officer since 2021. He also has responsibility for the pension investment, tax and insurance teams. Foley joined Kroger in 2001 as an audit manager in the internal audit department. During his tenure, Foley also served as CFO of Kroger's Cincinnati/Dayton operating division, assistant corporate controller, where he maintained oversight of external and internal financial reporting and managed the corporate accounting department, and as vice president and treasurer. Before joining Kroger, Foley began his career as a CPA and served as a senior audit manager at PwC. He holds a Bachelor of Business Administration in Accounting from University of Notre Dame, Mendoza College of Business. He serves on the Board of the Cincinnati Center City Development Corporation.

About Kroger
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: To Feed the Human Spirit™. We are, across our family of companies nearly half a million associates who serve over 11 million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.

Forward Looking Statements
This press release contains certain statements that constitute "forward-looking statements" within the meaning of federal securities laws, including statements regarding Kroger's CFO transition. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "anticipate," "continue," "expect," "future," "position," "strategy," "will," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings. Kroger assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.

 

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SOURCE The Kroger Co.

FAQ

Who has been appointed as the interim chief financial officer of Kroger?

Todd Foley has been appointed as the interim chief financial officer of Kroger, replacing Gary Millerchip.

What is the ticker symbol for Kroger?

The ticker symbol for Kroger is KR.

How long has Todd Foley been with Kroger?

Todd Foley has been with Kroger since 2001, accumulating over 20 years of experience with the company.

What is the pending merger that Kroger is planning for?

Kroger is planning a pending merger with Albertsons.

What is Todd Foley's role at Kroger?

Todd Foley has served as assistant corporate controller, vice president and treasurer, and most recently as group vice president, corporate controller and chief accounting officer at Kroger.

Who is stepping down as senior vice president and chief financial officer at Kroger?

Gary Millerchip is stepping down as senior vice president and chief financial officer at Kroger to assume an executive role at another public company.

What are Todd Foley's contributions to Kroger?

Todd Foley has been instrumental in Kroger's financial strategy, including the Company's current Leading with Fresh, Accelerating with Digital strategy.