Kroger said PepsiCo executive David Kennerley would succeed Todd Foley as the company's chief financial officer, effective 3 April 2025.
Foley had taken over the role on an interim basis when former CFO Gary Millerchip stepped down last February.
Kroger in December ended a two-year effort to merge with rival Albertsons, after courts blocked the deal arguing it would lead to higher prices for shoppers and reduced bargaining leverage for unionised workers.
Foley will retire as interim CFO at the end of Kroger's fiscal year 2024 reporting cycle and serve on the senior leadership team to support the transition until the end of its first quarter.
David Kennerley
"He (Kennerley) brings to Kroger deep experience leading a broad-cross section of US and international finance teams which helped PepsiCo create shareholder value for nearly 25 years," said Kroger CEO Rodney McMullen.
Kennerley has been senior vice president and CFO for PepsiCo Europe since March 2020.
In 2001, he joined PepsiCo's international corporate finance/treasury department, where he was responsible for all treasury activities in Western Europe.
He then moved to the UK business as a business development director in 2005, and subsequently held various roles across planning and commercial finance.
Kennerley was appointed assenior finance director for PepsiCo's newly created Global Beverages Group in 2011. The following year he moved into the North American Beverages business.
There he held a number of roles across commercial finance before being appointed as SVP Finance for the company's North American Bottling business.
In the third quarter, Kroger beat same-store sales estimates thanks to a surge in demand for its lower-priced and freshly sourced groceries, as it competed with retailers such as Walmart and Amazon.com.
The company, whose shares surged 34% in 2024, has also been spending on improving its online shopping experience.
News by Reuters, additional reporting by ESM.
