Kroger has appointed David Kennerley, former chief financial officer of PepsiCo Europe, as its new CFO, following the retirement of interim CFO Todd Foley.
Kennerley, who will begin his new role on March 10, brings over 20 years of experience at PepsiCo, where he held a variety of senior financial positions, including SVP of FP&A and commercial, and SVP of commercial finance.
Foley, who has been with Kroger for 18 years, will continue to serve as interim CFO until the end of the company’s fiscal 2024 reporting cycle, ensuring a smooth transition before Kennerley fully takes the reins on April 3.
Kennerley’s appointment comes two months after a major setback for Kroger. The company’s $25 billion merger with rival grocery chain Albertsons was blocked by an Oregon District Court judge in December 2024.
The judge’s ruling, which sided with the Federal Trade Commission (FTC), cited concerns that the merger would harm consumers by driving up prices and reducing worker bargaining power.
Following the court decision, both Kroger and Albertsons initiated restructuring efforts, including layoffs, to adjust their strategies.
In light of these changes, Kennerley’s experience in leading financial teams across global markets equips him to guide Kroger through a period of transition, the company said.
At PepsiCo, he managed finance operations in North America and Europe, refining his skills in shareholder value creation and large-scale financial strategy.
“We look forward to welcoming David to the Kroger team,” said Rodney McMullen, CEO and chairman at Kroger.
“He brings to Kroger deep experience leading a broad cross-section of US and international finance teams, which helped PepsiCo create shareholder value for nearly 25 years.”
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