PepsiCo Europe CFO named finance leader of Kroger
After more than a year, The Kroger Co. has found its new permanent chief financial officer.
David Kennerley, senior VP and CFO for PepsiCo Europe, will succeed Todd Foley as senior VP and CFO, effective April 3. Kennerley will join Kroger on March 10 as senior VP while Foley continues as interim CFO through the end of Kroger's fiscal year 2024 reporting cycle before retiring. Foley will remain a senior VP of the company and continue to serve on the senior leadership team to support the company during this transition period until the end of Kroger's first quarter.
"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 Rodney McMullen, Kroger's chairman and CEO.
Last February, Costco Wholesale Club named Gary Millerchip, formerly finance chief of Kroger, as executive VP and CFO, while Foley, Kroger’s group VP, corporate controller and chief accounting officer, was named interim CFO. Foley joined Kroger in 2001, and was named to financial roles of increasing importance in the following two decades.
Kennerley joined PepsiCo in 2001 as a manager in the International Corporate Finance/Treasury Department, where he was responsible for all treasury activities in Western Europe. In 2005, he moved to the U.K. business as a business development director and subsequently held various roles across planning and commercial finance.
Kennerley became the company's senior finance director for the newly created Global Beverages Group in 2011, and he moved into the North American Beverages business the following year. He held a number of roles across commercial finance before being appointed to senior VP of finance for the company's North American bottling business. He was named CFO, Europe in March 2020.
[READ MORE: With merger off, Kroger doubles down on new stores, remodels; restarting buybacks]
"I'm thrilled to be joining Kroger at this exciting time for the business," said Kennerley. "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.”
