Grocery Giant Kroger Picks PepsiCo Executive David Kennerley As Finance Head

Department store chain Kroger Co. KR has disclosed its succession plan for Chief Financial Officer role.

David Kennerley, who is currently the senior vice president and CFO for PepsiCo Inc Europe, will step into the role of senior vice president and CFO at Kroger beginning April 3, succeeding Todd Foley.

Kennerley will officially join the company on March 10, with Foley continuing as interim CFO until the end of Kroger’s fiscal year 2024.

In 2021, he was appointed group vice president and corporate controller; in 2024, he took on the role of interim CFO.

Foley will remain part of the senior leadership team, helping with the transition until the close of Kroger’s first quarter.

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On the other hand, Kennerley has had an extensive career at PepsiCo, joining the company in 2001. He has held several important roles, including serving as CFO for PepsiCo Europe.

“Consistent with Kroger’s history of thoughtful succession planning, David and Todd will transition seamlessly to ensure Kroger continues to deliver on its go-to-market strategy, providing access to fresh, affordable food for families across America and, by doing so, creating long term shareholder value,” said Chairman and CEO Rodney McMullen.

In December, competitor Albertsons Companies Inc called off its planned merger with Kroger and took legal action against the grocery giant, claiming that Kroger breached the merger agreement by not doing enough to obtain the necessary regulatory approval.

Price Action: KR shares are trading higher by 0.70% at $65.51 at the last check Wednesday.

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