Dive Brief:
- Kroger announced Wednesday it has named David Kennerley, senior vice president and CFO for PepsiCo Europe, as its new chief financial officer, effective April 3.
- Kennerley will replace interim CFO Todd Foley, who took over the role early last year following Gary Millerchip’s departure to Costco. Foley will remain with Kroger as a senior vice president until the end of the grocer’s fiscal first quarter, when he will retire from the company.
- Kennerley is set to take over as Kroger’s finance chief as the company plots its course following its unsuccessful effort to merge with Albertsons.
Dive Insight:
Kennerley’s appointment marks the first new incoming C-suite executive for the grocer since the downfall of its mega-merger with Albertsons.
During the transition period, Kennerley will serve as Kroger’s senior vice president while Foley remains as the company’s CFO for the remainder of Kroger’s fiscal year 2024 reporting cycle, according to the press release.
Kennerley joins Kroger after 24 years with PepsiCo, where he has served in numerous executive roles, including senior finance director for its Global Beverages Group and senior vice president of finance for its North American bottling business. He has served as CFO of the company’s European operations since March 2020, per the announcement.
“[Kennerley] brings to Kroger deep experience leading a broad-cross section of U.S. and international finance teams which helped PepsiCo create shareholder value for nearly 25 years,” Kroger chairman and CEO Rodney McMullen said in a statement.
Foley joined Kroger in 2001 as an audit manager in the company’s internal audit department and over the years has served in roles such as treasurer and corporate controller.
Foley stepped into the role of interim CFO early last year as Kroger was moving forward with its proposed merger with Albertsons. Millerchip, who became Costco’s CFO in March 2024, had served as Kroger’s finance chief since 2019.
At the end of last year, Kroger also parted ways with Stuart Aitken, its chief merchandising and marketing officer, who became president and CEO of Circana. Aitken was succeeded by Mary Ellen Adcock, Kroger’s senior vice president of operations.
