The Kroger Co. (NYSE: KR) has announced the appointment of David Kennerley as its incoming Chief Financial Officer (CFO), effective 3 April 2025. Kennerley, currently Senior Vice President (SVP) and CFO for PepsiCo Europe, will succeed Todd Foley, who has served as interim CFO.
Kennerley will join Kroger on 10 March 2025 as Senior Vice President, working alongside Foley through the end of Kroger’s fiscal year 2024 reporting cycle. Foley will remain with the company as SVP and a member of the senior leadership team, supporting the transition through Kroger’s first quarter.
Smooth Transition Reflects Strong Succession Planning
Rodney McMullen, Kroger’s Chairman and CEO, emphasised the company’s commitment to a seamless leadership transition.
“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,” said McMullen.
This leadership change comes as Kroger continues to focus on driving growth, enhancing operational efficiencies, and delivering value to shareholders.
Todd Foley to Retire from Interim CFO Role After More Than Two Decades at Kroger
With this transition, Todd Foley will step down from his interim CFO role but remain with Kroger’s senior leadership team. McMullen expressed gratitude for Foley’s service and dedication.
“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 stated. “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.”
Foley’s tenure at Kroger spans more than two decades. He joined the company in 2001 as an audit manager and advanced through several leadership roles, including Vice President and Treasurer (2013), Vice President and Corporate Controller (2017), and Group Vice President and Corporate Controller (2021). Foley became interim CFO in 2024.
Outside Kroger, Foley serves on the board of the Connetic Venture Capital Access Fund and the Board of Advisors for Star Engineering, LLC.
David Kennerley Brings Extensive Global Finance Experience to Kroger
David Kennerley, an accomplished financial leader with nearly 25 years at PepsiCo, brings a wealth of experience spanning U.S. and international markets.
“We look forward to welcoming David to the Kroger team,” said McMullen. “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’s career with PepsiCo began in 2001 in the International Corporate Finance/Treasury Department, managing treasury activities for Western Europe. He later held key leadership roles, including Senior Finance Director for PepsiCo’s Global Beverages Group and SVP Finance for North American Bottling. In 2020, he was named CFO for PepsiCo Europe.
Kennerley expressed excitement for his new role:
“I’m thrilled to be joining Kroger at this exciting time for the business. I look 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.”
Background and Relocation to Cincinnati
Kennerley holds a degree from University College London and is a qualified chartered accountant, having begun his career at Arthur Andersen. He and his family will relocate to Cincinnati as he assumes his new position.
Strategic Leadership for Kroger’s Future Growth
Kennerley’s appointment marks a strategic step for Kroger as the company continues to advance its business strategy, focusing on customer experience, operational excellence, and shareholder value creation.
This leadership transition aligns with Kroger’s long-term vision, ensuring continuity while bringing fresh perspectives from a global leader in the consumer goods sector.
