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Kroger CFO Steps Down Amid Uncertainty Surrounding Albertsons Merger

 |  February 6, 2024

Kroger, the Cincinnati based retail giant, disclosed that Gary Millerchip, the senior vice president and chief financial officer, will be stepping down from his role. Millerchip’s decision stems from his pursuit of an executive position at another public company. In light of this development, Todd Foley, currently serving as group vice president, corporate controller, and chief accounting officer, has been appointed as the interim chief financial officer.

The transition comes amidst a pivotal period for Kroger, as it prepares for significant corporate maneuvers, including an impending merger with Albertsons. Rodney McMullen, chairman and CEO of Kroger, expressed confidence in Foley’s ability to navigate the company through this transition. McMullen emphasized Foley’s extensive contributions to Kroger’s growth and transformation over his more than 20-year tenure with the company.

“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,” stated McMullen in a press release. “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.”

Related: Grocers Kroger and Albertsons Delay Merger Amid Regulatory Scrutiny

Foley boasts a wealth of experience in the finance sector, accumulating over 30 years in various executive positions. Since joining Kroger in 2001, he has played instrumental roles in shaping the company’s financial strategy. Notably, Foley has been an architect of Kroger’s current strategic initiatives, including the acclaimed “Leading with Fresh, Accelerating with Digital” strategy.

Reflecting on his new appointment, Foley expressed enthusiasm for the opportunities ahead. “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,” Foley remarked. “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.”

As the search for a permanent CFO successor commences, Kroger remains focused on sustaining its growth trajectory and delivering value to its shareholders amidst evolving market dynamics. Foley’s appointment underscores the company’s commitment to seamless leadership transitions and maintaining financial stability during transformative periods.

Source: Produce Market Guide