Kroger Hires PepsiCo Exec as New CFO
The Kroger Co. has revealed that David Kennerley, SVP and CFO for PepsiCo Europe, will succeed Todd Foley as SVP and CFO, effective April 3. Kennerley will join Kroger on March 10 as SVP while Foley continues as interim CFO through the end of Kroger's fiscal year 2024 reporting cycle.
"We look forward to welcoming David to the Kroger team," said Rodney McMullen, Kroger's chairman and CEO. "He brings to Kroger deep experience leading a broad-cross section of U.S. and international finance teams, which helped PepsiCo create shareholder value for nearly 25 years."
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Kennerley joined PepsiCo in 2001 as a manager in the international corporate finance/treasury department, where he was responsible for all treasury activities in Western Europe. In 2005, he moved to the U.K. business as a business development director and subsequently held various roles across planning and commercial finance. Kennerley became the company's senior finance director for the newly created global beverages group in 2011, and he moved into the North American beverages business the following year. He held a number of roles across commercial finance before being appointed to SVP finance for the company's North American bottling business. Kennerley was named CFO, Europe in March 2020.
"I'm thrilled to be joining Kroger at this exciting time for the business," said Kennerley. "I am looking forward to getting started and building on the strong legacy built by Todd and the team. I want to thank PepsiCo for the incredible opportunities I've had over the last 24 years. These experiences have been instrumental in paving the way for my new role as the CFO of Kroger."
Kennerley graduated from University College London and then joined Arthur Andersen where he qualified as a chartered accountant.
He will relocate with his family to Cincinnati, which is where Kroger is based.
Foley will remain an SVP of Kroger and continue to serve on the senior leadership team to support the company during the transition period until the end of Kroger's first quarter, at which point he will retire.
"On behalf of our board of directors and senior management team, we thank Todd for stepping into the interim CFO role last year and ensuring the business did not skip a beat," said McMullen. "Todd's contributions to our business and the finance department are wide and deep, and I especially appreciate his care for and commitment to his fellow associates. I wish Todd and his family all the best in the next chapter of their lives."
Foley joined Kroger in 2001 as an audit manager in the internal audit department. He climbed the corporate ladder throughout the years and in late 2021, he was promoted to group VP and corporate controller. Foley stepped into the interim CFO position last year when Gary Millerchip departed the company to assume the EVP and CFO role at Costco Wholesale.
Foley serves on the board of the Connetic Venture Capital Access Fund and the board of advisors for Star Engineering LLC.
"Consistent with Kroger's history of thoughtful succession planning, David and Todd will transition seamlessly to ensure Kroger continues to deliver on its go-to-market strategy, providing access to fresh, affordable food for families across America and, by doing so, creating long-term shareholder value," added McMullen.
Following its failed merger with Albertsons Cos., Kroger revealed in December that it will resume share repurchases after a pause of more than two years. Its board of directors approved a new share repurchase program authorizing the repurchase of up to $7.5 billion of common stock.
The Kroger Family of Companies’ nearly 420,000 associates serve more than 11 million customers daily through a digital shopping experience and retail food stores under a variety of banner names. The Cincinnati-based grocer is No. 4 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named Kroger one of its Retailers of the Century.
