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Kroger CEO Resigns Over ‘Personal Conduct’ After Board Probe (www.seattletimes.com)

submitted 1 day ago by [email protected] to c/[email protected]

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Like its competitors, Kroger has focused on diversifying beyond the core retail business into areas that have faster growth, such as advertising and data analytics. It also teamed up with UK-based Ocado Group to build warehouses for online orders, though that deal has drawn skepticism.

McMullen, who also sits on the boards of VF Corp. and Xavier University, will forfeit all unvested equity awards outstanding under Kroger’s 2019 long-term incentive plan and won’t be eligible for his 2024 bonus. He will retain any equity awards that are fully vested as of the resignation date.

The former CEO was also the face of a botched $24.6 billion deal to buy Albertsons Cos., which the US government blocked after finding the takeover would lessen competition for grocery shoppers. It would have created the biggest US grocery deal in history, bringing together more than 4,000 stores.

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[–] [email protected] 8 points 1 day ago

for anyone who wants to know the article does not specify what he did:

"The board of directors said it was made aware on Feb. 21 of “certain personal conduct by McMullen and immediately retained outside independent counsel to conduct an investigation.” The investigation is being overseen by a special board committee.

While the behavior didn’t involve the company’s operations, it was “inconsistent” with Kroger’s policy on “business ethics,” the company said."