The Kroger Co. says that Gary Millerchip is stepping down as senior vice president and chief financial officer to assume his new role as executive vice president and chief financial officer for Costco Wholesale Corporation. Todd Foley, group vice president, corporate controller and chief accounting officer, has been appointed interim chief financial officer.
The Cincinnati-based company says it 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," Rodney McMullen, chairman and CEO of Kroger, said in a news release. "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."
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Foley is a 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, the release said.
"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," Foley said in the release. "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."
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"On behalf of the Kroger 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," McMullen said.
"I am proud of all we have accomplished at Kroger and have made the decision to transition into a new chapter in my career," Millerchip said in the release. "Kroger is well positioned for the future, and I wish the team continued success."