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U.S. grocer Kroger said on Monday CEO Rodney McMullen has resigned after a board investigation found that his personal conduct was “inconsistent” with certain company policies. The conduct is not related to financial performance, operations or reporting, and it did not involve any Kroger associates, the company said. The surprise ouster of the 64-year-old executive comes after the company in December terminated a two-year effort to buy rival Albertsons in a $25 billion deal, an attempt McMullen had staunchly defended as a way to fight higher prices and better compete with Walmart and Costco. Meanwhile, Albertsons has sued Kroger for an alleged breach of contract that led to the demise of the deal. Kroger, when contacted, declined to provide more details on the exit of McMullen who was its CEO for more than a decade and has been at the company since 1978 and the nature of the conduct that led to his ouster. McMullen did not respond to a request via LinkedIn for comment. “McMullen stepping down certainly puts Kroger in a vulnerable position. The company is already dealing with the aftermath of its abandoned Albertsons merger, and a leadership change at this stage can complicate things,” said Riley Beam, managing attorney at Douglas R. Beam, a personal injury law firm based in Melbourne, Florida. “For investors, the risk is obvious uncertainty.” The Cincinnati, Ohio-based company’s shares were down about 1.4% in early trading on Monday. The stock has more than tripled in value since McMullen took the helm in 2014. Following the failed merger plan in December, some United Food and Commercial Workers local unions urged Kroger’s board to replace McMullen after the company announced a $7.5 billion stock buyback plan. McMullen was trying to “distract attention from his multiple failures as CEO by announcing a massive one-time giveaway to shareholders,” the group had said. Kroger said on Monday the board was made aware of certain personal conduct by McMullen on February 21 and immediately retained an outside independent counsel to conduct an investigation, which was overseen by a special board committee. The board has appointed lead director Ronald Sargent as interim CEO. A long-time director at Kroger, Sargent was previously the CEO at office supplies chain Staples for more than a decade. He also serves on the board of Wells Fargo, where he is the chair of the human resources committee. Kroger said the board has formed a search committee and appointed a firm to conduct a search for its next CEO. The company said McMullen would not be eligible to receive a bonus for 2024. He received a total compensation of $15.71 million for fiscal year 2023, according to the company’s proxy statement. Kroger, scheduled to report its fourth-quarter results on Thursday, expects full-year adjusted earnings per share to be slightly above the high end of its forecast range. Several prominent CEOs have also been ousted for violating company policy, including McDonald’s CEO Steve Easterbrook in 2019 and Hewlett-Packard’s Co-CEO Mark Hurd in 2010. “If past is any guidance, there is usually no impact (on a company’s performance),” said Xu Jiang, associate professor at Duke University’s Fuqua School of Business. “The interim CEO will likely follow the previous CEO’s strategies so there is minimal disruption of Kroger’s business.” Savyata Mishra and Aishwarya Venugopal, Reuters
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E-Commerce
Cryptocurrency prices jumped after President Donald Trump’s surprise announcement he wants the U.S. government to purchase and hold a variety of digital assets in a strategic reserve fund, an announcement that highlights Trump’s growing attempts to use volatile cryptocurrency prices as a barometer of his public support. Trump said on social media Sunday that his administration is working toward creating a Crypto Strategic Reserve that will include lesser-known cryptocurrencies XRP, solana, and cardano. He later followed up with another post saying his planned reserve would also include bitcoin and ether, the two most popular cryptocurrencies. The announcement helped crypto prices rebound, at least temporarily, after recent sell-offs. Bitcoin was trading around $90,000 Monday morning after dipping below $80,000 last week. XRP, solana and cardano saw massive spikes in their prices after Trump’s announcement Sunday followed by a more gradual decline through Monday morning. On the campaign trail, Trump pledged support for a strategic national bitcoin stockpile, which would include bitcoin the U.S. government has previously seized in law enforcement actions. Sunday’s announcement was the first time he advocated for the government to hold other types of cryptocurrencies. The White House did not immediately provide additional details, including how much of each type of cryptocurrency Trump wanted the U.S. to hold, and how the government would acquire them, and whether he favored including other types of cryptocurrencies as well. Eric Trump, the president’s son, said the price increases validated the recent advice he’s made on social media to stock up on crypto assets. Hopefully, I made someone’s life just a little bit better,” he posted on social media. The president has cast himself as hero to the crypto industry, which he said in his announcement had been the target of years of corrupt attacks by the Biden administration.” The crypto industry felt unfairly targeted by the Biden administration and spent heavily to help Trump win election. The first several weeks of his administration have seen several moves to boost crypto, including ending or pausing high-profile enforcement actions by the Securities and Exchange Commission. Crypto prices soared after Trump’s victory last year, and when the price of bitcoin first crossed $100,000 in early December, Trump took credit and posted “YOURE WELCOME!!!” on social media. But prices have fallen since Trump’s inauguration and Trump has faced criticism, including from allies within the crypto industry, for helping launch a personal meme coin just before he took office that has since collapsed in value. The crash of meme coins linked to First Lady Melania Trump and Argentine President Javier Milei, along with a massive hack of a major cryptocurrency exchange that the FBI has said was done by North Korea, have also dimmed enthusiasm for crypto. Why is crypto in the toilet if Trump is crypto king?” Dave Portnoy, an influencer and crypto enthusiast, said on social media last week. The inclusion of cryptocurrencies other than bitcoin is likely to face sustained pushback among some corners of the heavily divided cryptocurrency industry. Bitcoin is the oldest and by far most popular cryptocurrency, and accounts for more than half of the world’s global crypto market cap. Advocates for the government holding a crypto reserve said would help diversify government holdings and hedge against financial risks. Critics say the volatility of cryptocurrencies makes them a poor choice as a reserve asset. In addition to his announcement Sunday, Trump has also recently announced he will speak at and host industry leaders on Friday at a White House Crypto Summit. Alan Suderman, Associated Press
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E-Commerce
Theres more to winning than just winning. The way someone handles their tremendous success, after all, can transform a winner back into a losersomething Adrien Brody proved last night with a rambling, rule-defiant acceptance speech that managed to snatch reputational defeat from the jaws of career victory. With many of his peers gathered under one roof, and the whole world watching, he put on a masterclass in how not to behave at work. Not only did Brody win his second best actor award last nightthis one for The Brutalist, putting him in an elite class of multi-winners along with Tom Hanks, Jack Nicholson, and Marlon Brandohe also won a slot in the Guinness World Records for longest acceptance speech in Oscars history. While many winners always tend to flout the tight 45-second limit in their speeches, Brody brazenly exceeded it by five full minutes. For many viewers and social media users, it came across as a breathtaking display of entitlement, in an industry famously riddled with self-regard. Instead of a winner worth rooting for, he resembled the most annoying guy in a meeting. Brody has never had much luck with live moments. Back when he won his first Oscar in 2003, for his work in The Pianist, he pulled Halle Berry into a long and not-entirely-consensual open-mouth kiss on his way to the podium. (I bet they didnt tell you that was in the gift bag, he brayed into the mic immediately afterward.) It was a bizarre move that would never fly today, and barely did back then (even though Berry returned the kiss on last nights red carpet). Brody bungled another live moment just a few months later, going rogue while hosting SNL by donning fake dreads and a painful patois to introduce Jamaican dance hall star Sean Paul. (He has not hosted the show again since.) Last nights acceptance speech was a chance for redemption. Brody could have changed the paradigm of his problematic past by finally getting a big, live, victory-lap moment just right. Needless to say, he blew it. This speech started out at a low point, even before it began. On his way to the podium, Brody visibly remembered that he was chewing gum, and that it might not be a good look to continue doing that during his speech. Rather than swallowing the gum or placing it in his tuxedo pocket, Brody instead turned around and tossed the wad to his partner, Georgina Chapman. It might have been a cute moment if viewed in a vacuum, but given all the privilege dripping from the speech that followed, it made Chapman seem like Brodys personal gum valet. Once at the podium, Brody proceeded to speak in a trembly, deliberate cadence, taking his leisurely time. If I may just humbly begin . . . by giving thanks for the tremendous outpouring of love that Ive felt from this world. What followed was by far the strongest portion of Brodys speech. Acting is a very fragile profession, he continued with obvious emotion. Throughout the long, winding road of a career that spans four decades, Brody has always been considered a richly talented actor, even during years when his star seemed to be on the wane. In this part of his speech, Brody made it clear hes aware his career never quite reached the heights his first Oscar suggested were within his grasp, and that a lot of actors have had similar trajectories. Indeed, some Hollywood careers unfurl in long, graceful arcs, while others are more like short, bumpy roller-coaster rides. Brody seemed legitimately grateful his career had finally rebalanced, and it was touching to behold. Whatever goodwill Brody earned in that moment seemed to abruptly evaporate, however, when he began to rambleWinning an award like this signifies a destinationand then refused to cede the spotlight long after the producers piped in the wrap-it-up music. It wasnt just that he cruised past the time limit, it was the arrogance he exuded while doing so. Please, please, Im wrapping up, I will wrap up, he said while making the universal hand gesture for cut it out. Ive done this before, he added. Its not my first rodeo. In that moment, Brody became every annoying, entitled coworker whose narcissism compels him to demand preferential treatment. You know, the kind who sucks up valuable time in the dwindling moments of a meeting because their ideas are simply too brilliant to be saved? Earlier in the night, best supporting actor winner Kieran Culkin proved its possible to ward off the wrap-it-up music without looking like a jerk. About 90 seconds into the acceptance speech for his work in A Real Pain, Culkin politely asked to not be played off so he could tell a quick story about his wife, Jazz Charlton. He then went on to tell an irresistibly cute anecdote about the negotiations between him and Charlton over how many children they would have together. Not only was the story adorable, it provided continuity from previous Culkin award speeches. It was also just as brief as the star promised, at about a minute, as he made a respectful effort to rush through without bungling his words. (And without throwing any gum at his wife, to boot.) Brody, on the other hand, kept going for even longer after refusing to leave, and continued speaking in the same unhurried tone, attempting to imbue each word with special meaning. The stark contrast between the two performers proves its not difficult to be a graceful winner. For a moment there, Brody had crystallized the narrative that his unlikely second Oscar proves hes been undervalued for decades. But once his off-putting self-importance kicked in, he instead revealed that those fallow years might have been fallow for good reason.
Category:
E-Commerce
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