This text initially appeared on Enterprise Insider.
The grocery chain Kroger is changing its CEO after an investigation into his private conduct, it stated Monday.
Kroger stated in an announcement that it discovered about conduct by Rodney McMullen that was “inconsistent with Kroger’s Coverage on Enterprise Ethics.”
“On February 21, the Board was made conscious of sure private conduct by Mr. McMullen and instantly retained exterior impartial counsel to conduct an investigation, which was overseen by a particular Board committee,” Kroger stated.
No Kroger associates have been concerned in McMullen’s conduct, Kroger stated. It added that the conduct wasn’t associated to the corporate’s monetary efficiency.
McMullen has resigned from the CEO function, Kroger stated. He’d been Kroger’s CEO since 2014 and have become chair of the corporate’s board of administrators the next yr.
The corporate has appointed Ronald Sargent, a member of its board of administrators who’s a former CEO of Staples, as interim CEO and board chair whereas it searches for a everlasting substitute.
Mark Sutton will take over as the corporate’s lead impartial director, Kroger stated.
Kroger is the most important grocery store chain within the US by gross sales. The corporate operates grocery shops below a number of names, together with Harris Teeter and Fry’s.
The corporate is predicted to report its fourth-quarter earnings on Thursday.
