Kroger CEO Rodney McMullen resigns after being investigated for misconduct

The chairman and chief executive officer (CEO) of The Kroger Company, Rodney McMullen, resigned from the supermarket chain's board of directors after an investigation was launched into alleged unrelated misconduct.

"The Kroger Company has announced that Chairman and Chief Executive Officer Rodney McMullen has resigned from the Company following a Board investigation of his personal conduct that, while unrelated to the business, was inconsistent with Kroger's Policy on Business Ethics," the company said through a communication posted on its website.

In addition, The Kroger Company released the name of the person who will replace, on an interim basis, McMullen.

"The Board has appointed Lead Director Ronald Sargent to serve as Chairman of the Board of Directors and interim Chief Executive Officer, effective immediately. The Board also announced that Mark Sutton will serve as Kroger's lead independent director, also effective immediately," the company added.

"As interim CEO, I am committed to working alongside our proven and experienced management team and dedicated associates to ensure Kroger continues providing exceptional value for our customers," Sargent stressed.

In the statement, The Kroger Company explains that it "became aware of certain personal conduct" by McMullen, prompting it to hire "an independent outside counsel to conduct an investigation."

This news comes months after McMullen backed out of the merger of The Kroger Company with the Albertsons chain. A transaction valued at $25 billion.