Last updated on February 11th, 2024 at 02:09 pm
Todd Foley has been named interim CFO at The Kroger Co., effective immediately. Gary Millerchip, former SVP and CFO, has stepped down to assume the role of EVP and CFO with Costco Wholesale Corp.
The Kroger Co. 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, 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 more than 30 years of experience. Since joining Kroger in 2001, he has served as assistant corporate controller, VP and treasurer, and most recently as group VP, corporate controller and chief accounting officer. He has been an architect of Kroger’s financial strategy, including the company’s “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,” Foley said.
McMullen said, “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. 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.”
Millerchip said, “I am proud of all we have accomplished at Kroger and have made the decision to transition into a new chapter in my career. Kroger is well positioned for the future, and I wish the team continued success.”
Read the full story of Millerchip’s new position here from The Shelby Report.