Latest news with #RodneyMcMullen
USA Today
02-06-2025
- 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.
Yahoo
02-06-2025
- Business
- Yahoo
Kroger paid former CEO Rodney McMullen more than $15M in 2024, median worker got $34K
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. 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 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. This article originally appeared on Cincinnati Enquirer: Kroger's former CEO was paid $15M in 2024, typical worker made $34K Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
USA Today
20-05-2025
- Business
- USA Today
Investigation finds Kroger overcharging on sale items
Investigation finds Kroger overcharging on sale items 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 You're shopping for your family at Kroger when you notice a sale price on Cheerios cereal and grab a box, but later at the checkout, it rings up for full price. Is it a data entry error or part of a nefarious scheme to deliberately overcharge you? A joint investigation by Consumer Reports, The Guardian and the Food & Environment Reporting Network doesn't answer the question, but found more than 150 overcharging errors at 26 stores owned by the Cincinnati-based supermarket giant across 14 states in a months-long investigation. The outlets enlisted secret shoppers who found 'expired sales labels that led to overcharges' that averaged '$1.70 per item, or 18.4 percent.' The products found that Kroger didn't honor the advertised price on Cheerios cereal, Mucinex cold and flu medication, Nescafé instant coffee, boneless beef, salmon and dog food, among other items. 'Kroger employees work quickly to correct pricing errors when they are pointed out. But for many other grocery shoppers, those pricing errors undoubtedly go unnoticed,' Consumer Reports wrote in its report. In case you missed it: Kroger interim CEO Ron Sargent to receive $4.4 million via SEC filing Kroger: We have a 'Make It Right' policy Union and Kroger employees in Colorado who are in the midst of contract negotiations blamed the company for understaffing in recent years allowing price discrepancies to affect customers, according to the report. 'They say store-level management tells front-end workers to fix price errors for individual shoppers who complain but doesn't do what needs to be done to correct the expired discount tags that are driving the problem,' the report said. Kroger officials deny intentional price discrepancies, adding its 'Make It Right' policy ensures associates can handle 'any situation when we unintentionally fall short of a customer's expectations.' 'Kroger is committed to affordable and accurate pricing, and we conduct robust price check processes that reviews millions of items weekly to ensure our shelf prices are accurate,' the company said in a statement, adding the report 'a few dozen examples … out of billions of customer transactions annually … the characterization of widespread pricing concerns is patently false.' The company also denied that labor and work hours were an issue.
Yahoo
20-05-2025
- Business
- Yahoo
Ex-Kroger CEO took home $15.6M in 2024
This story was originally published on Grocery Dive. To receive daily news and insights, subscribe to our free daily Grocery Dive newsletter. Former Kroger Chairman and CEO Rodney McMullen earned compensation of about $15.6 million during the company's most recent fiscal year, just under the amount he earned during fiscal year 2023, the supermarket chain reported in a regulatory filing on Thursday. McMullen, who resigned on March 2, did not receive an incentive payment for his last complete fiscal year with Kroger, but took home 6% more in stock awards in 2024 than during the prior fiscal year. Kroger shares rose in value by more than a third during McMullen's final fiscal year at the helm, ahead of the performance of the S&P 500 over the same period. Kroger's proxy statement for McMullen's final fiscal year running the company shows that his pay in fiscal 2024 was mostly in line with what he received in fiscal 2023 — when Kroger cut McMullen's pay by about 18% compared with the previous year as the company's performance weakened. McMullen earned a base salary of just over $1.4 million during fiscal 2024, which ended Feb. 1 — slightly higher than his base salary the year before. He received stock options in 2024 valued at $10.6 million, up from slightly more than $10 million in 2023 — a change that helped make up for the fact that he did not receive incentive compensation during 2024 because he resigned. Only about 8% of McMullen's pay during 2024 was fixed, with the balance tied to the company's performance, Kroger said. Kroger reported that the ratio between McMullen's pay in 2024 and the annual total pay of its median associate was 457-1, down from 502-1 in 2023. The median pay for a Kroger associate rose from $31,302 in 2023 to $34,213 in 2024, an increase of about 9%, according to Kroger. Kroger has not provided details about why McMullen suddenly departed from Kroger, only noting that he left after an investigation by the company's board concluded his personal conduct was 'inconsistent' with its ethics policy. The company named its lead director, Ronald Sargent, as chairman of the board of directors and as interim CEO, agreeing to pay him an annualized base salary of $4.35 million. Kroger plans to consider internal and external candidates for the role of CEO, Sargent said during the grocer's fourth-quarter earnings call in March. McMullen joined Kroger in 1978 as a part-time stock clerk and worked his way up to become president and chief operating officer in 2009, CEO in 2014 and board chairman in 2015. Kroger's stock price more than quadrupled during his time as CEO. Recommended Reading Kroger CEO Rodney McMullen resigns after ethics review Sign in to access your portfolio
Miami Herald
19-05-2025
- Business
- Miami Herald
Ex-Kroger CEO took home $15.6M in 2024
Dive Brief: Former Kroger Chairman and CEO Rodney McMullen earned compensation of about $15.6 million during the company's most recent fiscal year, just under the amount he earned during fiscal year 2023, the supermarket chain reported in a regulatory filing on who resigned on March 2, did not receive an incentive payment for his last complete fiscal year with Kroger, but took home 6% more in stock awards in 2024 than during the prior fiscal shares rose in value by more than a third during McMullen's final fiscal year at the helm, ahead of the performance of the S&P 500 over the same period. Dive Insight: Kroger's proxy statement for McMullen's final fiscal year running the company shows that his pay in fiscal 2024 was mostly in line with what he received in fiscal 2023 - when Kroger cut McMullen's pay by about 18% compared with the previous year as the company's performance weakened. McMullen earned a base salary of just over $1.4 million during fiscal 2024, which ended Feb. 1 - slightly higher than his base salary the year before. He received stock options in 2024 valued at $10.6 million, up from slightly more than $10 million in 2023 - a change that helped make up for the fact that he did not receive incentive compensation during 2024 because he resigned. Only about 8% of McMullen's pay during 2024 was fixed, with the balance tied to the company's performance, Kroger said. Kroger reported that the ratio between McMullen's pay in 2024 and the annual total pay of its median associate was 457-1, down from 502-1 in 2023. The median pay for a Kroger associate rose from $31,302 in 2023 to $34,213 in 2024, an increase of about 9%, according to Kroger. Kroger has not provided details about why McMullen suddenly departed from Kroger, only noting that he left after an investigation by the company's board concluded his personal conduct was "inconsistent" with its ethics policy. The company named its lead director, Ronald Sargent, as chairman of the board of directors and as interim CEO, agreeing to pay him an annualized base salary of $4.35 million. Kroger plans to consider internal and external candidates for the role of CEO, Sargent said during the grocer's fourth-quarter earnings call in March. McMullen joined Kroger in 1978 as a part-time stock clerk and worked his way up to become president and chief operating officer in 2009, CEO in 2014 and board chairman in 2015. Kroger's stock price more than quadrupled during his time as CEO. Copyright 2025 Industry Dive. All rights reserved.
