Kroger Announces CFO Transition

Cincinnati / OH. (tkc) The Kroger Company announced that Gary Millerchip is stepping down as senior vice president and chief financial officer to assume an executive role at another public company. Todd Foley, group vice president, corporate controller and chief accounting officer, has been appointed interim chief financial officer, effective immediately. The Company will name a CFO successor at a later date.

«Todd is a proven leader who has served in key finance roles and has contributed meaningfully to Kroger’s growth and transformation over more than 20 years,» said Rodney McMullen, Kroger’s chairman and CEO. «Todd is the right person to take the helm and will step in seamlessly to continue advancing our value creation model and maintain a strong financial framework for our company as we plan ahead for our pending merger with Albertsons. At Kroger, we are fortunate to benefit from an incredibly deep bench of talent across our finance team and all levels of our organization as we continue to execute our strategy and generate sustainable returns for our shareholders.»

20240206-KROGER-TODD-FOLEY(Photo: Kroger Company)

Foley is a seasoned finance executive with over 30 years of experience. Since joining Kroger in 2001, he has served as assistant corporate controller, vice president and treasurer, and most recently as group vice president, corporate controller and chief accounting officer. He has been an architect of Kroger’s financial strategy, including the Company’s current Leading with Fresh, Accelerating with Digital strategy.

«This is an exciting time in Kroger’s history, and it is an honor to lead our world-class finance team as we continue building for the future,» said Todd Foley. «Kroger has a successful go to market strategy, and there is great momentum across the business. I’m looking forward to continuing to work closely with the Kroger leadership team to deliver on our long-term value creation goals and ensure a smooth transition for all stakeholders.»

McMullen: «On behalf of the Board and management team, I want to thank Gary for his contributions over the last 15 years, supporting Kroger’s industry leadership and significant growth opportunities.»

Todd Foley has served as Kroger’s group vice president, corporate controller and chief accounting officer since 2021. He also has responsibility for the pension investment, tax and insurance teams. Foley joined Kroger in 2001 as an audit manager in the internal audit department. During his tenure, Foley also served as CFO of Kroger’s Cincinnati/Dayton operating division, assistant corporate controller, where he maintained oversight of external and internal financial reporting and managed the corporate accounting department, and as vice president and treasurer. Before joining Kroger, Foley began his career as a CPA and served as a senior audit manager at PwC. He holds a Bachelor of Business Administration in Accounting from University of Notre Dame, Mendoza College of Business. He serves on the Board of the Cincinnati Center City Development Corporation.