Its been reported that Kroger Chairman and CEO Rodney McMullen has resigned after an internal investigation into his personal conduct.
Apparently the 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.
The board was made aware of the situation on Feb. 21 and immediately hired an outside independent counsel to conduct an investigation, overseen by a special board committee.
The company said that McMullen’s conduct is not related to its financial performance, operations or reporting, and did not involve any Kroger associates.
Kroger shares fell more than 3.5% ahead of the opening bell Monday.
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