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Kroger Co. CEO Rodney McMullen has stepped down from his post following an investigation into his personal conduct, the company announced Monday.
In a statement, Kroger said that McMullen's actions were “unrelated to business” but still “contradicts Kroger's policies on business ethics.” The removal of McMullen comes months after Kroger ended a $25 billion merger with the Albertsons under his leadership. The Albertsons sued Kroger for breach of contract and alleged that they fought the deal.
“On February 21, the Board recognized certain personal conduct by McMullen and remained outside of independent counsel to conduct an investigation overseen by a special board committee. McMullen's conduct has no relation to the company's financial performance, operations, or reporting.
Ronald Sargent is currently appointed Chairman of the Board and Interim CEO of McMullen's Place.
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Rodney McMullen, CEO of Kroger, was in a Bloomberg television interview in New York, USA. (Getty Images/Jenna Moon via Getty Images/Bloomberg)
“As interim CEO, I am committed to working with a proven, experienced management team and dedicated associates.
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“Kroger has been a special place throughout my retail career after spending my summers at university, the first decades of business school at corporate headquarters and recently working as lead independent director. My decades have made Kroger unique.
Kroger CEO Rodney McMullen resigned from his position on Monday. (Photographer: Getty Images / Shelby Tauber via Getty Images / Bloomberg)
Sgt. has been Director of Kuroguard since 2006 and has been Lead Director for Kuroguard since 2017. He spent the first decade of his professional career at Kroger, where he played several roles in store, sales, marketing, manufacturing and strategy. Sargent is Staples, Inc. Kroger says he is a veteran retailer and leader with 35 years of experience, including chairman and CEO.
Split image of the storefront of Kroger and Albertsons. Last year, the merger agreement between the two companies failed. (Croger: Charles Bertram/Lexington Herald Leader/Tribune News Service Getty Images | Albertsons: Shelby Tauber via Getty Images/Getty Images)
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The Kroger-Albertsons deal would have been the biggest merger in the history of the grocery industry.
Reuters contributed to this report.
