CINCINNATI — J. Michael Schlotman, chief financial officer of The Kroger Co., plans to retire at the end of 2019. Gary Millerchip, chief executive officer of Kroger Personal Finance, will succeed Mr. Schlotman as senior vice-president and c.f.o., effective April 4, 2019. Mr. Schlotman will then remain with the company as an executive vice-president during a transition period until Dec. 28, 2019.
“Consistent with Kroger’s governance history of thoughtful succession planning, Gary and Mike have a deliberate and thorough c.f.o. 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 W. Rodney McMullen, chairman and c.e.o. of Kroger.
Mr. Schlotman joined Kroger in 1985. He became vice-president and corporate controller in 1995, and in 2000 he advanced to the c.f.o. role.
“Mike is one of retail’s most respected executives and has served Kroger for over 30 years,” Mr. 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. 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.”
Mr. Millerchip joined the company in 2010 to lead Kroger Personal Finance, the division of Kroger that delivers financial and retail services through the company’s family of brands and stores. He also is responsible for several retail grocery divisions and oversees the integration of Kroger’s corporate strategic initiatives. Prior to Kroger, he led the Royal Bank of Scotland Personal Credit Card business at the Royal Bank of Scotland in the United Kingdom. He joined the Royal Bank of Scotland in 1987 and held various leadership roles there. He has a bachelor’s degree in financial services from the University of Central England and a post-graduate degree in business administration from the University of Warwick in the U.K.
“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,” Mr. McMullen said.