07:00 AM EST, 12/16/2024 (MT Newswires) -- Kroger Co ( KR ) 's abrupt $7.5 billion stock buyback after failing in its bid to merge with Albertsons is being strongly opposed by certain locals of the United Food and Commercial Workers International Union and called for CEO Rodney McMullen to be replaced, according to a statement on Friday.

The union argued that the massive shareholder payout greatly exceeds the company's commitments to reduce prices for consumers and invest in wages.

The $7.5 billion is in addition to the nearly $1 billion the company spent on the failed merger, which is 10 times the value of the promised investments in price reductions, according to the statement.

The union further said the funds could be used to build about 280 new combination stores.

Kroger ( KR ) did not immediately respond to MT Newswires' request for comment.