Kroger CEO and Chairman Resigns Amid Ethics Probe

Rodney McMullen, CEO and Chairman of Kroger, has resigned following a board investigation into his personal conduct, which was found to be inconsistent with Kroger's business ethics policy. The conduct was not related to the company's financial performance, operations, or reporting, nor did it involve any Kroger associates. Ronald Sargent, a veteran with extensive experience in the retail industry and a long-time board member of Kroger, has been appointed as interim CEO and Chairman. Kroger's board has initiated a search for a permanent CEO, with Sargent expected to remain in his interim role until a successor is named. Despite the leadership change, Kroger anticipates its financial performance to remain strong, with expectations for full-year sales and earnings to meet or exceed guidance. The announcement has led to a slight decline in Kroger's stock price.