Posted By Global Banking and Finance Review
Posted on February 12, 2025
(Reuters) -Kroger said on Wednesday PepsiCo executive David Kennerley would succeed Todd Foley as the company's chief financial officer, effective April 3.
Foley had taken over the role on an interim basis when former CFO Gary Millerchip stepped down last February.
Kroger in December ended a two-year effort to merge with rival Albertsons, after courts blocked the deal arguing it would lead to higher prices for shoppers and reduced bargaining leverage for unionized workers.
Albertsons had also sued Kroger alleging a breach of contract that caused the deal's demise.
Foley will retire as interim CFO at the end of Kroger's fiscal year 2024 reporting cycle and serve on the senior leadership team to support the transition until the end of its first quarter.
"He (Kennerley) brings to Kroger deep experience leading a broad-cross section of U.S. and international finance teams which helped PepsiCo create shareholder value for nearly 25 years," said Kroger CEO Rodney McMullen.
Kennerley has been senior vice president and CFO for PepsiCo Europe since March 2020.
In the third quarter, Kroger beat same-store sales estimates thanks to a surge in demand for its lower-priced and freshly sourced groceries, as it competed with retailers such as Walmart and Amazon.com.
The company, whose shares surged 34% in 2024, has also been spending on improving its online shopping experience.
(Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Devika Syamnath)
