Latest news with #ReutersKroger
USA Today
4 days ago
- Business
- USA Today
Kroger paid former CEO Rodney McMullen more than $15M in 2024, median worker got $34K
Kroger paid former CEO Rodney McMullen more than $15M in 2024, median worker got $34K Show Caption Hide Caption Kroger ousts long-time CEO after probe into personal conduct Longtime Kroger CEO Rodney McMullen has resigned after an internal investigation found that his personal conduct was "inconsistent" with the company's ethics policy. Reuters Kroger paid former CEO Rodney McMullen $15.4 million in 2024 – the final year before his abrupt March 3 resignation in the wake of a company ethics investigation. The amount was a slight decrease from his previous year's pay, according to a corporate filing with the U.S. Securities and Exchange Commission. A year before, the former CEO of the nation's largest supermarket retailer was paid $15.5 million, according to the Associated Press' methodology for executive compensation that excludes pension value changes. Interim CEO Ron Sargent, a Kroger board member and former Staples CEO, took over at the retailer after the exit of McMullen. CEO for more than 11 years, McMullen resigned amid an investigation into his 'personal conduct' that 'was inconsistent' with the grocer's policy of business ethics, the grocer disclosed. In case you missed it: Investigation finds Kroger overcharging on sale items Sargent, 69, said on a conference call a few days later that Kroger would conduct a national search for a successor and consider both internal and external candidates for the CEO position. The company hasn't given a timeline for naming McMullen's permanent successor. Median worker saw pay climb amid executive shuffle In 2024, the typical Kroger worker's pay rose $2,900, climbing 9% in 2024 to $34,213. The ratio of McMullen's pay to the median Kroger worker pay, as required to be reported by the government, was 457 to 1, narrowing from the previous ratio of 502 to 1 the previous year. Kroger's proxy, filed on May 15, also reflected a spate of recent executive turnover as half the 'named executive officers,' whose pay is subject to public disclosure, no longer work for the grocer. The filing listed three current executives still employed at Kroger: Mary Ellen Adcock, the company's chief merchant and marketing officer; Yael Cosset, the retailer's head of digital; and Timothy Massa, the associate experience officer (head of human resources and labor relations). Besides McMullen, the proxy lists two other ex-Kroger executives: former chief financial officers Gary Millerchip (who left Kroger for the same position at Costco in early 2024) and Todd Foley (who served as interim chief of finance until retiring this spring). A profitable Fortune 500 company doing business in 35 states A Fortune 500 company, Kroger earned a $2.7 billion profit on $147.1 billion of sales in 2024. In addition to Kroger stores, the Cincinnati-based grocer operates several regional supermarket chains in 35 states, including Fred Meyer, Harris Teeter, Ralphs, Mariano's, Fry's, Smith's, King Soopers, QFC and others. The company has more than 2,700 stores and employs 409,000 workers.
USA Today
31-03-2025
- Business
- USA Today
Kroger interim CEO Ron Sargent to receive $4.4 million via SEC filing
Kroger interim CEO Ron Sargent to receive $4.4 million via SEC filing Show Caption Hide Caption Kroger ousts long-time CEO after probe into personal conduct Longtime Kroger CEO Rodney McMullen has resigned after an internal investigation found that his personal conduct was "inconsistent" with the company's ethics policy. Reuters Kroger's new interim CEO Ron Sargent is getting paid an annual salary of nearly $4.4 million and given a $3.9 million stock grant as the supermarket giant looks for permanent CEO, according to a filing with the U.S. Securities and Exchange Commission. Sargent's stock grant of nearly 61,000 restricted shares will vest in one year, according to the filing. The filing suggests Sargent could make more than $8 million in a year, but the company is conducting a national search for his replacement, which Sargent said would include both internal and external candidates. The company hasn't provided a timeline for finding a new leader yet. Autonomous technology: Kroger's new test robot, 'Barney', checks prices, shelves for missing items Sargent, 69, a board member and former CEO of office retail giant Staples, was tapped to lead the Cincinnati-based grocer after former CEO Rodney McMullen resigned following an internal ethics investigation that found his conduct "was inconsistent with Kroger's policy on business ethics." Kroger has offered few details on McMullen's abrupt exit. The grocer disclosed what McMullen didn't do: The company said McMullen's conduct didn't affect the company's accounting or involve mishandling of day-to-day business or involve questionable conduct with a subordinate. Kroger's 'Policy on Business Ethics' otherwise counsels employees to follow laws and regulations and avoid conflicts of interest. Switching CEOs amid industry turmoil The leadership switch comes as Kroger and the supermarket industry face multiple challenges, including: Kroger operates more than 2,700 stores in 35 states and the District of Columbia, including 76 in Greater Cincinnati. The retailer operates stores under the Kroger banner name as well as Fred Meyer, Ralphs, Harris Teeter, Pick 'n Save, Dillons, King Soopers, Mariano's, Fry's, QFC and others.
