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Kroger logo (Jakub Porzycki/Getty Images)

Kroger CEO steps down after board investigation finds personal conduction violation

Kroger shares dipped after the abrupt resignation of longtime CEO Rodney McMullen.

Nia Warfield

Kroger shares initially fell as much as 4% in premarket trading (but recovered most of the losses) after the abrupt resignation of longtime CEO Rodney McMullen. McMullen, who spent over 50 years at Kroger and led the firm since 2014, stepped down following a board investigation that found his personal conduct conflicted with the company’s “policy on business ethics.” Board member Ronald Sargent will serve as interim CEO, effective immediately.

The shake-up comes after Kroger scrapped its $25 billion merger with rival Albertsons in December, following a federal judge’s decision to block the deal. Shares of Kroger are up 31% over the past year and is scheduled to report fourth-quarter earnings before the bell on Thursday.

“Mr. McMullen’s conduct is not related to the Company's financial performance, operations or reporting, and it did not involve any Kroger associates,” per a statement from Kroger.

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