Kroger CFO Departs During Uncertainty on Albertsons Merger

A Kroger grocery store in Houston, Texas, US, on Sunday, June 11, 2023. Kroger Co. is scheduled to release earnings figures on June 16.

(Bloomberg) — Kroger Co. said Monday its chief financial officer is leaving to go to another company as the supermarket operator waits for regulators’ ruling on its proposed merger with Albertsons Cos.

Gary Millerchip, who started at Kroger in 2008, was named CFO in 2019, according to the company. Kroger declined to elaborate.

The Cincinnati company said that Todd Foley, corporate controller and chief accounting officer, will serve as interim CFO and that a permanent successor will be named at a later date.

Kroger agreed in late 2022 to buy Albertsons for about $24.6 billion to better compete against rivals such as Walmart Inc. The deal has drawn opposition from elected officials and workers, and the Federal Trade Commission has been reviewing the proposed tie-up.

Also on Monday, Kroger told staff that Yael Cosset, the company’s chief information officer, will oversee the grocer’s integration planning with Albertsons, according to an internal company memo seen by Bloomberg News. Cosset leads digital and technology efforts at the company and previously led Kroger’s data business.

(Adds new personnel detail in fifth paragraph.)

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