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Kroger CFO Michael Schlotman to retire April 3

Key Points
  • Kroger Chief Financial Officer J. Michael Schlotman will step down from his role on April 3.
  • Schlotman will be succeeded by Gary Millerchip, chief executive of Kroger Personal Finance.
  • Schlotman worked at Kroger for more than 30 years.
Mike Schlotman
Source: The Kroger Co.

Kroger Chief Financial Officer J. Michael Schlotman will step down from his role on April 3, when he will be succeeded by Gary Millerchip, chief executive of Kroger Personal Finance.

Schlotman has been at Kroger for more than 30 years and has held the CFO role since 2000. Prior to Kroger, he worked at accounting firm Coopers & Lybrand.

While under Schlotman's leadership, the company has doubled down on its digital investments, acquiring a stake in British online supermarket Ocado and meal kit company Home Chef. It's also trialed a number of partnerships, including a venture with Walgreens and Alibaba. It's been paring down its business as well, including the sale of its convenience store operations for roughly $2.15 billion earlier this year.

Through its "Restock Kroger" program, it has invested in making its shelves more lucrative through analytics it can sell and use to better anticipate shoppers' needs.

"Gary and Mike have a deliberate and thorough CFO transition plan with a singular focus — a seamless transition," Kroger CEO Rodney McMullen said in a statement Monday.

In Millerchip's current role, he oversees the financial and retail services unit for Kroger's stores. He joined the company in 2010 from the Royal Bank of Scotland.

Shares of Kroger closed Monday down about 2 percent, giving it a market capitalization of $23.1 billion. Year to date, the stock has gained more than 5 percent.