Kroger Appoints PepsiCo Veteran David Kennerley as Incoming CFO

Leadership Changes - Kroger announced that David Kennerley, a veteran from PepsiCo, will join as senior vice president on March 10 and will become chief financial officer (CFO) on April 3, succeeding interim CFO Todd Foley [1][2] - Todd Foley will continue in his interim role until the end of Kroger's fiscal year 2024 reporting cycle and will retire at the end of the first quarter [1][3] Experience and Background - Kennerley has nearly 25 years of experience at PepsiCo, most recently serving as CFO for Europe since March 2020, and he qualified as a chartered accountant at Arthur Andersen before joining PepsiCo [2] - Kroger's Chairman and CEO, Rodney McMullen, expressed confidence in Kennerley's ability to contribute to the company [2][3] Financial Performance and Legal Issues - During the most recent earnings call, Kroger projected identical sales growth of 1.2% to 1.5% for the fourth quarter, emphasizing digital engagement and customer loyalty [4] - Kroger is facing legal challenges, including a lawsuit from Albertsons over the failed $24.6 billion merger, with allegations of breach of contract and concerns about competition in the grocery sector [4][5] - Kroger has labeled the lawsuit as "baseless," accusing Albertsons of intentional breaches during the merger process [6]