The Kroger Co. has revealed that Gary Millerchip is stepping down as SVP and CFO to assume an executive role at another public company. Todd Foley, group VP, corporate controller and chief accounting officer, has been appointed interim CFO, effective immediately. The company will name a CFO successor at a later date.
Foley is a seasoned finance executive with more than 30 years of experience. Since joining Kroger in 2001, he has been assistant corporate controller, VP and treasurer, and most recently group VP, corporate controller and chief accounting officer. He also had responsibility for the pension investment, tax and insurance teams. Foley has been an architect of Kroger's financial strategy, including the company's current Leading with Fresh, Accelerating with Digital strategy.
Before joining Kroger, Foley began his career as a CPA and was a senior audit manager at PricewaterhouseCoopers. He holds a bachelor of business administration in accounting from the University of Notre Dame, Mendoza College of Business. He serves on the board of the Cincinnati Center City Development Corp.
"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."
Kroger revealed last month that the long-awaited merger with Albertsons Cos. is no longer expected to be completed in March. According to a joint statement, the proposed merger and divestiture plan is now anticipated to close in the first half of Kroger’s fiscal 2024, which ends on Aug. 17, due to continuing dialog with regulators.
"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 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."
Added McMullen, "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."
"I am proud of all we have accomplished at Kroger and have made the decision to transition into a new chapter in my career," said Millerchip. "Kroger is well positioned for the future, and I wish the team continued success." Millerchip joined Kroger in 2008.
Serving more than 11 million customers daily through digital shopping and retail food stores under a variety of banner names, Cincinnati-based Kroger is No. 4 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. PG also named Kroger one of the Retailers of the Century.