By Maria Armental
Kroger Co.'s Chief Operating Officer Michael L. Ellis has
retired after 40 years with the company, the supermarket operator
said on Tuesday.
Mr. Ellis, 57, started at age 16 as a parcel clerk and worked
his way up the ranks at Fred Meyer, which in 1999 merged with
Kroger in a $13 billion deal. He took on the Kroger COO post on
Jan. 1, 2014.
A company spokesman said Mr. Ellis retired on Monday for
personal reasons and planned to move back to Portland, Ore.
A successor hasn't yet been 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 an
agreement in which his granted-but-unvested stock options became
vested and exercisable in exchange for "certain confidentiality,
cooperation and other restrictions."
The company spokesman declined to comment beyond the filing.
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, launched a
2-for-1 stock split and set aside $500 million to buy back
stock.
The company also raised by half a percentage point its growth
projection for sales at grocery stores open for at least 15 months
to 3.5% to 4.5%, excluding gasoline sales. First-quarter earnings
also came in better than expected.
The company's shares, up 13% this year, added three cents on
Tuesday to $72.70.
Write to Maria Armental at maria.armental@wsj.com
Access Investor Kit for The Kroger Co.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US5010441013
Subscribe to WSJ: http://online.wsj.com?mod=djnwires