Kroger Company ( KR ) shares are trading lower Monday after the company announced the resignation of CEO Rodney McMullen.

What Happened: McMullen resigned from Kroger ( KR ) following an investigation of personal conduct by the board. Kroger ( KR ) said it was made aware of a certain personal conduct on Feb. 21, which was immediately investigated. The company’s board found that McMullen’s conduct was inconsistent with Kroger’s policy on business ethics.

Kroger ( KR ) has appointed Ronald Sargent as chairman and interim CEO, effective immediately. Mark Sutton will serve as Kroger’s lead independent director, effective immediately. Kroger’s board has formed a search committee and engaged an outside firm to search for its next chief executive.

“As interim CEO, I am committed to working alongside our proven and experienced management team and dedicated associates to ensure Kroger ( KR ) continues providing exceptional value for our customers,” Sargent said.

Check This Out: MSTR Stock Up Nearly 13% In Monday Pre-Market: What’s Going On?

Kroger ( KR ) expects full-year identical sales without fuel to be at the high end of its guidance range. The company also expects full-year adjusted earnings per share to be slightly above the high end of its guidance range.

Kroger ( KR ) is due to report fourth-quarter financial results before the market opens on Thursday. Analysts currently expect the company to report earnings of $1.11 per share and revenue of $34.51 billion, according to estimates from Benzinga Pro.

KR Price Action: Kroger ( KR ) shares were down 3.86% at $62.31 at the time of publication Monday, according to Benzinga Pro.