Kroger shares rise after report ex-Walmart executive to become CEO

Feb 9 (Reuters) - Shares of Kroger KR.N rose about 6% in premarket trading on Monday after a Wall Street Journal report said the grocery chain has picked former Walmart executive Greg Foran as its CEO, a year after the ouster of Rodney McMullen.

Kroger removed McMullen last March after a board investigation found that his personal conduct was "inconsistent" with certain company policies.

The CEO announcement could come as early as Monday, the WSJ report said on Sunday, citing people familiar with the matter.

Hailing from New Zealand, Foran was the CEO of Air New Zealand AIR.NZ for about five years until October 2025. Previously, he was the president and CEO of Walmart's WMT.O U.S. operations.

"(We) believe he (Foran) brings instant credibility to Kroger after his demonstrated success turning around Walmart U.S. store operations," Evercore ISI analyst Michael Montani said.

Foran would lead the grocer at a time when it is grappling with weak consumer spending even for essentials and growing competition from rivals, including Walmart WMT.N.

Under McMullen, who led Kroger for about 11 years, the company's stock price had more than tripled in value.