This text initially appeared on Enterprise Insider.
The grocery chain Kroger is changing its CEO after an investigation into his private conduct, it stated Monday.
Kroger stated in a assertion that it discovered about conduct by Rodney McMullen that was “inconsistent with Kroger’s Coverage on Enterprise Ethics.”
“On February 21, the Board was made conscious of sure private conduct by Mr. McMullen and instantly retained exterior unbiased counsel to conduct an investigation, which was overseen by a particular Board committee,” Kroger stated.
No Kroger associates had been concerned in McMullen’s conduct, Kroger stated. It added that the conduct wasn’t associated to the corporate’s monetary efficiency.
McMullen has resigned from the CEO function, Kroger stated. He’d been Kroger’s CEO since 2014 and have become chair of the corporate’s board of administrators the next 12 months.
The corporate has appointed Ronald Sargent, a member of its board of administrators who’s a former CEO of Staples, as interim CEO and board chair whereas it searches for a everlasting substitute.
Mark Sutton will take over as the corporate’s lead unbiased director, Kroger stated.
Kroger is the biggest grocery store chain within the US by gross sales. The corporate operates grocery shops beneath a number of names, together with Harris Teeter and Fry’s.
The corporate is anticipated to report its fourth-quarter earnings on Thursday.