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Kroger Announces CFO Transition; Rodney McMullen and Todd Foley Comment

Kroger Announces CFO Transition; Rodney McMullen and Todd Foley Comment

Tuesday, February 6th, 2024

As we continue to track its ongoing merger with Albertsons, more exciting news has come from the Kroger desk. As the company’s Senior Vice President and Chief Financial Officer Gary Millerchip prepares to step down, Kroger has named Todd Foley—current Group Vice President, Corporate Controller, and Chief Accounting Officer—as his interim successor. Foley will take over the role as the retail chain embarks on a search for a permanent replacement.

Todd Foley, Interim Chief Financial Officer, Kroger"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."

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, Group Vice President, Corporate Controller, and Chief Accounting Officer, a press release noted.

Kroger has unveiled more change to its operation with the announcement that Gary Millerchip, Senior Vice President and Chief Financial Officer, will be stepping down

He has also been an architect of Kroger's financial strategy, including the retailer’s successful Leading with Fresh, Accelerating with Digital strategy.

Rodney McMullen, Chairman and Chief Executive Officer, Kroger"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 Chief Executive Officer. "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 taking over the role from Millerchip, who has served Kroger for the last 15 years.

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

McMullen also commented on his departure.

“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,” he added.

DMN will continue to report on this executive transition and Millerchip’s next venture, so stay tuned.