Kroger anticipates adjusted earnings in the current fiscal year range of $4.60 to $4.80 a share. Analysts were expecting $4.81 a share.
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Kroger, Albertsons CEOs both leaving their roles after failed $25B acquisition
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Albertsons CEO also out after failed merger with Kroger
Albertsons CEO to step down after Kroger merger fails. What he says about grocer’s future
The announcement Monday came the same day that Kroger’s CEO, Rodney McMullen, resigned after an investigation by the Cincinnati grocery company’s board into his “personal conduct.” That undisclosed conduct, “while unrelated to the business, was inconsistent with Kroger’s Policy on Business Ethics,” Kroger said in a news release.
Kroger reported 2024 sales results that were lower than Wall Street forecasts on Thursday, but the grocer predicted sales would pick up in 2025.
Kroger board member Ron Sargent is taking the helm at the nation’s largest supermarket chain as questions about former CEO Rodney Mullen continue.
The Cincinnati company's results come just days after the abrupt resignation of long-time Chief Executive Officer and Chairman Rodney McMullen over personal conduct. They're also the first since a federal judge blocked a $20 billion deal to takeover smaller rival Albertsons.
Rodney McMullen, Kroger chairman and CEO, is stepping down after an internal investigation into his personal conduct.
Ex-Kroger CEO Rodney McMullen left over $11 million on the table when he left the grocer, according to the company's SEC filings.
Albertsons said on Monday its CEO Vivek Sankaran will retire and insider Susan Morris would assume the top role, as the supermarket chain shifts focus to build its digital sales and retail media business.
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