J. Michael Schlotman, Kroger's chief financial officer since 2000, has decided to retire in December of 2019. Schlotman will continue as CFO through the end of Kroger's fiscal 2018 and up to April 3. He will then remain an executive vice president of the company and continue to sit on the senior leadership team to support the company during this transition period until December 28, 2019.
Gary Millerchip, chief executive officer of Kroger Personal Finance, will succeed Schlotman as senior vice president and CFO of Kroger, effective April 4.
"Consistent with Kroger's governance history of thoughtful succession planning, Gary and Mike have a deliberate and thorough CFO transition plan with a singular focus — a seamless transition to successfully deliver on the Restock Kroger financial commitments and then beyond in the role of Kroger's Chief Financial Officer," said Rodney McMullen, Kroger's chairman and CEO.
"Mike is one of retail's most respected executives and has served Kroger for over 30 years. Mike is also one of the chief architects of Restock Kroger, our plan to create shareholder value by serving America through food inspiration and uplift," said McMullen. "He and I have personally worked side by side for several decades. I deeply value Mike's contributions, the credibility he has earned with the financial community, and his leadership as a key member of our most-senior management team."
Schlotman started his career with Coopers & Lybrand accounting firm before joining Kroger in 1985. He was elected vice president and corporate controller in 1995 and then elected CFO in January 2000.
"Gary's deep finance and business background, coupled with a successful track record of creating long-term shareholder value for The Kroger Co., make him an excellent choice for Kroger's chief financial officer of the future," said McMullen.
Millerchip is currently responsible for several retail grocery divisions and leads the integration of Kroger's corporate strategic initiatives. He has been at the table with the senior management team for five years, playing an essential role in driving strategy and partnerships that have contributed to Kroger's emergence from traditional grocer to growth company.
Millerchip came to Kroger in 2010 from Royal Bank of Scotland to lead Kroger Personal Finance, which has delivered double-digit growth year-on-year, making it a valuable alternative profit stream for Kroger. Prior to that, Millerchip was responsible for the Royal Bank of Scotland Personal Credit Card business in the U.K.
