Kroger (NYSE:KR) Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct.
One of the largest grocery chains in the country said Monday that the investigation into McMullen’s personal conduct was unrelated to the business, but was found to be inconsistent with its business ethics policy.
Board member Ronald Sargent will serve as chairman and interim CEO, effective immediately.
Kroger said its board was made aware of the situation on Feb. 21 and immediately hired an outside independent counsel to conduct an investigation, overseen by a special board committee.
The company said that McMullen’s conduct is not related to its financial performance, operations or reporting, and did not involve any Kroger associates.
The Board of Directors has formed a Search Committee and engaged a nationally recognized firm to conduct a search for Kroger’s next CEO. Mr. Sargent has agreed to serve in his role until the appointment of the next CEO.
“As interim CEO, I am committed to working alongside our proven and experienced management team and dedicated associates to ensure Kroger continues providing exceptional value for our customers,” said Sargent.
“Kroger has been a special place throughout my retail career after spending summers in college working in stores, as well as my first ten years after business school at corporate headquarters, before more recently serving as lead independent director.”
KR shares docked 80 cents, or 1.2%, to $64.02.
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