Feb 12 (Reuters) -

Kroger ( KR ) said on Wednesday PepsiCo executive David

Kennerley would succeed Todd Foley as the company's chief

financial officer, effective April 3.

Foley had taken over the role on an interim basis when

former CFO Gary Millerchip stepped down last February.

Kroger ( KR ) in December

ended

a two-year effort to merge with rival Albertsons ( ACI ),

after courts blocked the deal arguing it would lead to higher

prices for shoppers and reduced bargaining leverage for

unionized workers.

Albertsons ( ACI ) had also sued Kroger ( KR ) alleging a breach of

contract that caused the deal's demise.

Foley will retire as interim CFO at the end of Kroger's ( KR )

fiscal year 2024 reporting cycle and serve on the senior

leadership team to support the transition until the end of its

first quarter.

"He (Kennerley) brings to Kroger ( KR ) deep experience leading

a broad-cross section of U.S. and international finance teams

which helped PepsiCo ( PEP ) create shareholder value for nearly 25

years," said Kroger ( KR ) CEO Rodney McMullen.

Kennerley has been senior vice president and CFO for

PepsiCo Europe since March 2020.

In the third quarter, Kroger ( KR ) beat same-store sales

estimates thanks to a

surge in demand

for its lower-priced and freshly sourced groceries, as it

competed with retailers such as Walmart ( WMT ) and Amazon.com ( AMZN )

.

The company, whose shares surged 34% in 2024, has also

been spending on improving its online shopping experience.