Kroger Appoints PepsiCo Veteran David Kennerley as Incoming CFO
Kroger said Wednesday (Feb. 12) that PepsiCo veteran David Kennerley will join the company as senior vice president on March 10 and take on the additional role of chief financial officer (CFO) on April 3.
Kennerley will succeed interim CFO Todd Foley, who will continue to serve in that role through the end of Kroger’s fiscal year 2024 reporting cycle and will remain a senior vice president of the company until the end of its first quarter, when he will retire, according to a press release.
“We look forward to welcoming David to the Kroger team,” Kroger Chairman and CEO Rodney McMullen said in the release. “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.”
Kennerley joined PepsiCo in 2001 and most recently served as CFO for Europe since March 2020, according to the release. Before joining PepsiCo, he qualified as a chartered accountant at Arthur Andersen.
“I’m thrilled to be joining Kroger at this exciting time for the business,” Kennerley said in the release. “I am looking forward to getting started and building on the strong legacy built by Todd and the team.”
Foley joined Kroger in 2001 and stepped into the interim CFO role in February 2024.
“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,” McMullen said in the release.
During Kroger’s most recent earnings call, which was held Dec. 5, Foley said the company expected to see identical sales growth of 1.2% to 1.5% in the fourth quarter, with a continued focus on digital engagement and customer loyalty.
On Dec. 11, fellow grocery giant Albertsons sued Kroger over the failure of their $24.6 billion merger, accusing Kroger of breach of contract.
The suit came one day after a judge blocked Kroger’s proposed acquisition of Albertsons, pointing to concerns that the deal would hinder competition in the U.S. grocery space.
It accuses Kroger of “willfully” violating the merger agreement between the two companies by doing things like refusing to divert assets needed for antitrust approval and ignoring feedback from regulators.
Kroger responded by calling the suit “baseless,” accusing Albertsons of “intentional material breaches and interference” during the merger process.
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