CINCINNATI - The Kroger Co . (NYSE: NYSE:KR) announced today the appointment of Todd Foley as the interim chief financial officer following Gary Millerchip's decision to leave his role for an executive position at another public company. Foley, who has over three decades of finance experience, steps into his new role effective immediately.
Foley has been with Kroger since 2001, contributing to the company's financial strategy and recently overseeing roles such as group vice president, corporate controller, and chief accounting officer. His leadership has been integral to Kroger's strategic initiatives, including the "Leading with Fresh, Accelerating with Digital" strategy. Rodney McMullen, Kroger's chairman and CEO, expressed confidence in Foley's ability to maintain the company's financial health and support the upcoming merger with Albertsons (NYSE:ACI).
In a statement, McMullen thanked Gary Millerchip for his 15-year tenure and significant contributions to Kroger's growth and industry leadership. Millerchip expressed pride in Kroger's achievements and optimism for the company's future as he transitions to the next phase of his career.
The search for a permanent CFO successor will be conducted in due course, as stated by the company. Kroger, a leading grocery retailer, operates under various banner names and aims to create a seamless digital shopping experience for its customers.
InvestingPro Insights
As The Kroger Co. (NYSE: KR) navigates through a significant executive transition, the company's financial health remains a focal point for investors. According to recent data from InvestingPro, Kroger's market capitalization stands at a robust $33.14 billion, reflecting a stable position in the market. The company's Price/Earnings (P/E) ratio, currently at 17.38, is a testament to investor confidence in its earnings potential.
InvestingPro Tips reveal that Kroger has not only raised its dividend for 18 consecutive years but also maintained these payments for 19 consecutive years, signifying a strong commitment to shareholder returns. This consistency is a reassuring signal for investors, particularly in the context of the upcoming merger with Albertsons, suggesting a financial stability that can support such strategic moves.
Moreover, analysts predict that the company will be profitable this year, which aligns with Kroger's profitable performance over the last twelve months. This profitability is crucial as the company prepares for the integration challenges and opportunities presented by the merger.
Investors looking for deeper insights can find additional information on Kroger, including more InvestingPro Tips, by subscribing to InvestingPro+. With the New Year sale, subscriptions are now available at up to a 50% discount. Use coupon code SFY24 for an additional 10% off a 2-year subscription or SFY241 for an additional 10% off a 1-year subscription.
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