CINCINNATI — Kroger Co. has announced a succession plan for chief financial officer Mike Schlotman.
Schlotman, Kroger’s CFO since 2000, has decided to retire from the company at the end of 2019. The succession plan calls for him to continue in his current role through the end of Kroger’s fiscal year on February 2, and then for another two months. He will remain an executive vice president of the company and continue to sit on the company’s senior leadership team to support Kroger during a transition period until December 28.
Gary Millerchip, currently 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 Kroger chairman and CEO Rodney McMullen.
Schlotman started his career with the Coopers & Lybrand accounting firm in Louisville, Ky., transferring to Cincinnati before joining Kroger in 1985. He was elected vice president and corporate controller in 1995 and was elected CFO in January 2000.
“Mike is one of retail’s most respected executives and has served Kroger for over 30 years,” McMullen said. “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.”
Millerchip will lead the finance function at Kroger when he succeeds Schlotman as CFO.
“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,” McMullen said.
Along with his role as CEO for Kroger Personal Finance, the division that delivers financial and retail services through Kroger, Millerchip is also responsible for several retail grocery divisions and leads the integration of Kroger’s corporate strategic initiatives.
Millerchip 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.