- Kroger’s ex-CEO forfeited more than $11 million in bonus and stock payments when he resigned.
- Rodney McMullen still had hundreds of millions in Kroger stock, according to the filings.
- Kroger cited McMullen’s “personal conduct” in announcing his resignation on Monday.
The former CEO of Kroger forfeited more than $11 million when he resigned from the grocery chain this week.
McMullen left behind $11.2 million in a potential bonus as well as stock and options when he left the company, Kroger’s SEC filings show.
Without that compensation, McMullen still owned 6.6 million shares of Kroger, worth roughly $417 million at Tuesday’s closing price.
McMullen also had total compensation as CEO of $15.7 million in 2023, according to an SEC filing. In 2022, his compensation totaled $19.2 million.
Kroger said on Monday that McMullen had resigned after an investigation into his “personal conduct.”
The company didn’t provide more information on what McMullen did but said that some of his actions were “inconsistent with Kroger’s Policy on Business Ethics.” Kroger said that McMullen’s actions weren’t connected to other Kroger associates or the company’s financial performance.
McMullen was appointed Kroger’s CEO in 2014. For two years, he oversaw the chain’s proposed $24.6 billion merger with Albertsons, which fell apart in December.
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