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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kroger Co | NYSE:KR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.6363 | -1.16% | 54.4537 | 54.88 | 54.23 | 54.75 | 4,937,999 | 01:00:00 |
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
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