CINCINNATI — The Kroger Co. said this week that its board chairman and former CEO, David Dillon, will retire at the end of the year after 38 years of service.
The supermarket chain operator said Kroger CEO Rodney McMullen will take over as chairman next year. McMullen, a native of Kentucky, has served on the board since 2003. He graduated from the University of Kentucky in 1982.
According to his company bio, McMullen also serves on the Business Partnership Foundation of UK's Gatton College of Business and Economics.
Dillon was Kroger's chairman from 2004 to 2014 and was CEO from 2003 to 2013. During his tenure as CEO, Kroger's revenue increased $45 billion, created 53,000 new jobs, reduced costs for eight consecutive years and returned $9.2 billion to shareholders, according to the company. He also played a crucial role on the board in Kroger's growth plan and reducing the company's energy consumption, the company said.
Kroger, based in Cincinnati, owns the Fred Meyer, King Soopers, QFC and Ralphs chains.
McMullen was instrumental in the $13 billion merger with Fred Meyer in 1999. He was named CEO of Kroger on Jan. 1, 2014, and will take over as chairman of the board in 2015.
Shares of the company added 34 cents to $61.70 in afternoon trading, in line with broader market trends.