Kroger Co.'s Chief Operating Officer Mike Ellis has retired
after 40 years with the company, the supermarket-chain operator
said Tuesday.
Mr. Ellis started as a parcel clerk at Fred Meyer, which in 1999
merged with Kroger in a $13 billion deal. He took on the COO post
on Jan. 1, 2014.
A replacement is yet to be named, the company said. Kroger's
Chief Executive W. Rodney McMullen will temporarily take on the
added responsibilities.
A securities filing said Mr. Ellis and Kroger reached a deal in
which his granted but unvested stock options became vested and
exercisable in exchange for "certain confidentiality, cooperation
and other restrictions."
Cincinnati-based Kroger, buoyed by acquisitions, has reported
better results in recent quarters. Last week, it raised its
quarterly dividend to 21 cents, from 18.5 cents a share, and
launched a 2-for-1 stock split and set aside $500 million to buy
back stock. It also raised by half a percentage point its
projection for sales at grocery stores open for at least 15 months
to grow 3.5% to 4.5%, excluding gas pumps. Earnings also came in
better than expected.
Shares, up 13% this year, were up three cents Tuesday to
$72.70.
Angela Chen contributed to this article
Write to Maria Armental at maria.armental@wsj.com
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