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Kroger CEO Rodney McMullen has resigned from his position at the company.
On Monday, March 3, the company announced in a news release that “Chairman and Chief Executive Officer Rodney McMullen has resigned from the Company following a Board investigation of his personal conduct.”
The 65-year-old began his career with the company in 1978 as a part-time stock clerk and bagger at a Lexington, Kentucky store. Over the years, he held various leadership positions before becoming CEO in 2014 and chairman in 2015.
With his long tenure at the company and news of his departure, find out more about McMullen’s current net worth and additional details below.
What Is Rodney McMullen’s Net Worth?
McMullen has an estimated net worth of at least $22.7 million, with more than 6,000 units of Kroger stock valued at over $1.6 million, according to a 2022 report from Market Realist.
The 2024 IPS Executive Excess Report revealed that McMullen’s total compensation from Kroger in 2023 was $15.7 million.
Why Did Rodney McMullen Quit Kroger?
Following the board investigation, Kroger did not provide further details on the board’s findings in the announcement, other than stating that the behavior was unrelated to its business, “was inconsistent with Kroger’s Policy on Business Ethics,” and did not involve any Kroger associates.
Kroger also stated that the board first became aware of the personal conduct issue on February 21, and immediately engaged outside counsel for an independent investigation. A search committee has been formed to find McMullen’s permanent replacement.
Who Is Replacing Rodney McMullen at Kroger?
McMullen has been temporarily replaced by Ronald Sargent as Kroger’s interim CEO.
Sargent brings extensive experience across various departments at Kroger, including stores, sales, marketing, manufacturing, and strategy. He also spent nearly 27 years at Staples, serving as CEO from 2002 to 2016. Sargent joined Kroger’s board as an independent director in 2006 and became lead director in 2017.
“As interim CEO, I am committed to working alongside our proven and experienced management team and dedicated associates to ensure Kroger continues providing exceptional value for our customers,” said Sargent in the press release. “Kroger has been a special place throughout my retail career after spending summers in college working in stores, as well as my first ten years after business school at corporate headquarters, before more recently serving as lead independent director. My decades here have given me a full appreciation of what makes Kroger unique, and I am excited to work even more closely with this talented team. I plan to be a steady, but active hand in the execution of our strategy.”
