Kroger Appoints PepsiCo's David Kennerley as New CFO

Kroger announced on Wednesday that David Kennerley, a senior executive from PepsiCo, will succeed Todd Foley as the company's Chief Financial Officer (CFO) effective April 3. Foley, who had been serving as the interim CFO since the departure of former CFO Gary Millerchip in February 2024, will retire at the end of Kroger's fiscal year 2024 reporting cycle but will continue to serve on the senior leadership team to ensure a smooth transition.

Kennerley, who has been with PepsiCo for nearly 25 years, most recently served as Senior Vice President and CFO for PepsiCo Europe since March 2020. His extensive experience leading U.S. and international finance teams at PepsiCo played a pivotal role in the company's growth and shareholder value creation, according to Kroger's CEO Rodney McMullen.

The announcement of Kennerley's appointment comes after Kroger's failed attempt to merge with rival Albertsons, which was blocked by courts last December due to concerns about the deal's potential impact on consumer prices and unionised workers' bargaining power. Despite this setback, Kroger has seen positive performance, surpassing same-store sales estimates in the third quarter, driven by strong demand for its affordable and fresh groceries in competition with major retailers like Walmart and Amazon. Additionally, the company has been focusing on enhancing its online shopping experience, further contributing to its 34% stock surge in 2024.

Kennerley's leadership is expected to help guide Kroger through its ongoing efforts to streamline operations and bolster its financial strategies in an increasingly competitive retail environment.