Kroger Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct.
Kroger, the nation’s largest grocery chain, said Monday that the investigation into McMullen’s personal conduct was unrelated to the business, but was found to be inconsistent with its business ethics policy.
Board member Ronald Sargent will serve as chairman and interim CEO, effective immediately.
This guy did something baaaaad. We’re going to find out what it is when he’s indicted.
“Dead girl or live boy” was the 20th century go to answer. I haven’t heard an updated version.
Its gotta be money or sex.
So it’s business ethics related. My guess: bribing someone or engaging in blatant talks about anti-competitive behavior. The merger with Albertsons was just recently killed, so it might be related to that. Nothing that rises to the level of outright illegal, because he didn’t actually act on it (didn’t get a chance?). But it definitely creates a problem for the company.
“The situation” was serious enough that the board decided to spend money on a third party investigation. This means that they knew it was very bad, and they would not be able to cover it up.
Ten days in, McMullen resigns. He knows it’s very bad, and will not be able to cover it up. Of note, McMullen was also the board chairman.
The company statement makes it very clear that “the situation” is not at all related to the company or any of its employees. Other reporting says “The company said McMullen would not be eligible to receive a bonus for 2024.”
Money or sex? Sure, but it’s super illegal money or sex.
I have nothing to base this on, but I wonder if it is insider trading on the attempted Albertsons merger. Did he have stock that he dumped before the news broke at some specific time?
Maybe he played some fuck around with Albertson’s stock. If that was the case, Kroger’s statement above would remain true.
probably both
Sex with money? Asking for a paper cut buddy
Loose change.