Investing
Local unions call on Kroger’s board to replace CEO after $7.5 billion buyback plan By Reuters
(Reuters) – United Food and Commercial Workers local unions on Friday urged Kroger (NYSE:)’s board to replace CEO Rodney McMullen following the company’s announcement of a $7.5 billion stock buyback plan after terminating a deal to buy Albertsons (NYSE:).
The UFCW local unions that led the “Stop the Merger coalition” argued that the “abrupt” and “massive” share repurchase program comes at a time when Kroger needs investments in staffing, repairs and store remodels.
Kroger and Albertsons terminated their $25-billion merger plan on Wednesday after a U.S. judge blocked the deal. Albertsons then filed a lawsuit against Kroger, alleging a breach of contract that led to the deal’s demise.
Kroger announced a new repurchase program later on Wednesday and said it intends to enter an accelerated share buyback program of about $5 billion of common stock.
“It is outrageous that Rodney McMullen would try to distract attention from his multiple failures as CEO by announcing a massive one-time giveaway to shareholders,” said Kim Cordova, president of UFCW Local 7 in Colorado and Wyoming.
Kroger did not respond to a Reuters request for comment.
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