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CINCINNATI – Kroger has announced a significant leadership transition in its finance department. David Kennerley, currently senior vice president and CFO for PepsiCo Europe, is set to succeed Todd Foley as senior vice president and chief financial officer, effective April 3, 2024. Kennerley will join Kroger on March 10 as senior vice president, while Foley will continue as interim CFO through the end of Kroger’s fiscal year 2024 reporting cycle. Foley will remain a senior vice president and a senior leadership team member, supporting the company during the transition period until the end of Kroger’s first quarter.
Kroger’s chairman and CEO, Rodney McMullen, emphasized the importance of a seamless handover. “Consistent with Kroger's history of thoughtful succession planning, David and Todd will transition seamlessly to ensure Kroger continues to deliver on its go-to-market strategy, providing access to fresh, affordable food for families across America and, by doing so, creating long term shareholder value.”
Todd Foley, who has served as Kroger’s interim CFO since early 2024, will retire following a remarkable 23-year career with the company. Foley joined Kroger in 2001 as an audit manager in the Internal Audit Department and steadily rose through the ranks, holding key roles including vice president and treasurer, vice president and corporate controller, and group vice president and corporate controller. His contributions to Kroger’s finance department and broader business operations have been widely recognized.
“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. “Todd’s contributions to our business and the finance department are wide and deep, and I especially appreciate his care for and commitment to his fellow associates. I wish Todd and his family all the best in the next chapter of their lives.”
Beyond his role at Kroger, Foley serves on the board of the Connetic Venture Capital Access Fund and the Board of Advisors for Star Engineering, LLC.
David Kennerley, a seasoned finance executive with nearly 25 years of experience at PepsiCo, will be Kroger’s new CFO. Kennerley’s career at PepsiCo spanned various leadership roles across U.S. and international finance teams, contributing to the company’s growth and shareholder value creation. He joined PepsiCo in 2001 and held positions including senior finance director for the Global Beverages Group, SVP Finance for North American Bottling, and most recently, CFO for PepsiCo Europe since March 2020.
“We look forward to welcoming David to the Kroger team,” McMullen said. “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 expressed enthusiasm about joining Kroger, stating, “I’m thrilled to be joining Kroger at this exciting time for the business. I am looking forward to getting started and building on the strong legacy built by Todd and the team. I want to thank PepsiCo for the incredible opportunities I’ve had over the last 24 years. These experiences have been instrumental in paving the way for my new role as the CFO of Kroger.”
A graduate of University College London, Kennerley began his career at Arthur Andersen, where he qualified as a chartered accountant. As he assumes his new role, he and his family will relocate to Cincinnati.
