Shares of Kroger (KR) are up 5% after the U.S. grocery store chain named former Walmart (WMT) executive Greg Foran as its new chief executive officer (CEO).
Kroger had been searching for a new CEO for a year. The company’s former CEO Rodney McMullen was ousted over an undisclosed personal conduct violation.
Originally from New Zealand, Foran was previously the CEO of Air New Zealand (NZE: AIR) for five years until October 2025. Before that, he was CEO of Walmart’s U.S. operations.
Wall Street analysts praised Foran’s hiring, noting that he was crucial in turning around Walmart’s U.S. store operations and instrumental in Walmart adding groceries to its stores.
Foran takes the helm of Kroger at a time when the grocery store chain is grappling with weak consumer spending and growing competition from rivals such as Walmart.
Under Kroger’s former CEO, Rodney McMullen, the company’s stock price more than tripled. In the last 12 months, KR stock has gained 3% to trade at $67.50 U.S. per share.
Kroger is the third largest grocery store chain in the U.S. as measured by sales volumes. It sits behind Walmart and Costco Wholesale (COST).
