The Kroger Co. has announced a significant change in its leadership structure, with the appointment of David Kennerley as the new Senior Vice President and Chief Financial Officer (CFO). Effective April 3, Kennerley will take over from Todd Foley, who has been serving as interim CFO. This transition is part of Kroger's strategic succession planning, ensuring continuity and stability within the company’s financial leadership. Foley will remain involved until the end of the fiscal year to support the transition. The move underscores Kroger's commitment to maintaining its market strategy and delivering value to shareholders while continuing to provide fresh, affordable food to families across America.
Kennerley brings extensive experience in finance leadership, having spent nearly two and a half decades at PepsiCo, where he held various senior roles. His most recent position was as the CFO for PepsiCo Europe. He will join Kroger on March 10, initially assuming the role of Senior Vice President before officially becoming CFO. Kennerley’s background includes managing treasury activities, business development, and commercial finance across multiple regions, contributing significantly to PepsiCo’s success. His expertise will be invaluable as Kroger navigates its ongoing initiatives and strategic goals.
Rodney McMullen, Kroger’s Chairman and CEO, expressed confidence in the seamless transition between Kennerley and Foley. He highlighted the importance of thoughtful succession planning, which has been a hallmark of Kroger’s leadership approach. Kennerley’s arrival marks a pivotal moment for the company, bringing fresh perspectives and proven capabilities to enhance financial operations and drive long-term shareholder value.
Todd Foley, who has been instrumental in Kroger’s financial department since joining in 2001, will retire after serving as interim CFO. Throughout his tenure, Foley held several key positions, including Controller of the Cincinnati-Dayton Division, Assistant Corporate Controller, and Vice President and Treasurer. His contributions have been vital to Kroger’s success, and his dedication to the company and its associates has been widely recognized. Foley’s retirement signifies the end of an era but also sets the stage for a new chapter under Kennerley’s leadership.
Kennerley’s career trajectory at PepsiCo reflects a deep understanding of international finance and operational excellence. After joining PepsiCo in 2001, he rapidly advanced through various roles, including managing treasury activities in Western Europe, directing business development in the UK, and leading finance teams across global beverage operations. His appointment as CFO for PepsiCo Europe in 2020 further solidified his reputation as a seasoned finance leader. With this wealth of experience, Kennerley is poised to make a significant impact at Kroger, building on the strong foundation laid by Foley and his team.
Kroger remains dedicated to its mission of feeding the human spirit through its extensive network of retail food stores and digital platforms. As the company continues to innovate and expand, the leadership transition ensures that Kroger stays on track to achieve its strategic objectives. The incoming CFO will play a crucial role in driving initiatives aimed at creating sustainable communities and fostering growth, all while maintaining the high standards of service and quality that Kroger is known for.
In the rapidly evolving world of retail, the buy now, pay later (BNPL) model has emerged as a significant trend, reshaping consumer spending habits and challenging traditional financial institutions. Justin Grooms, CEO of Bolt, recently shared insights on this phenomenon at the National Retail Federation Big Show. With over 80 million U.S. shoppers using Bolt's marketplace, Grooms highlighted a 25% year-over-year increase in BNPL usage, contrasting with a 3% decline in credit card transactions. Mobile shopping also saw an 18% surge. These trends underscore a shift in consumer behavior, prompting retailers and banks to adapt their strategies.
Redefining Payment Preferences and Retail Dynamics
In the heart of New York City, during the vibrant National Retail Federation Big Show earlier this year, industry leaders gathered to discuss the latest shifts in consumer behavior. Among them was Justin Grooms, whose observations revealed a pivotal moment for the financial sector. According to Grooms, traditional banks are recognizing that BNPL services are gaining traction organically, not just as a temporary trend but as an integral part of consumers' financial management.
Data from Bolt’s extensive network showed a notable rise in BNPL usage without a corresponding increase in deployments, indicating that consumers are increasingly integrating BNPL into their regular spending patterns. Interestingly, there is a growing overlap between BNPL users and premium credit card holders, traditionally associated with higher credit scores. This suggests that BNPL is no longer seen as a gimmick but as a practical tool for managing expenses.
Grooms noted that BNPL is influencing how consumers view high-ticket items. Instead of seeing a $2,000 TV as a single large purchase, they perceive it as manageable installments spread over time, aligning with their paycheck cycles. This shift in perception is making BNPL more appealing, especially for larger purchases. The range of average order values (AOVs) is expanding, moving beyond the traditional $500 anchor point. Consumers are now layering multiple BNPL transactions to smooth out expenses over time, reflecting a broader acceptance of this payment method.
For banks like Capital One and Chase, the challenge lies in effectively communicating the value of their products at the point of purchase. With numerous payment options available, including various credit cards and BNPL services, retailers must carefully curate the checkout experience to highlight the most relevant choices. Overloading consumers with too many options can lead to decision paralysis or abandoned purchases. Personalizing the payment process based on customer preferences and behaviors is becoming crucial for enhancing satisfaction and retention.
The retail landscape is undergoing a significant transformation, driven by the need to understand and cater to evolving consumer expectations. As BNPL continues to gain momentum, it presents both opportunities and challenges for traditional financial institutions and retailers alike. By embracing these changes and leveraging data-driven insights, businesses can better meet the needs of today’s discerning shoppers.
From a journalist's perspective, the rise of BNPL underscores the importance of staying adaptable in an ever-changing market. Retailers and banks must remain agile, continuously refining their strategies to align with shifting consumer behaviors. The success of BNPL highlights the power of innovative solutions in addressing real-world financial challenges, offering valuable lessons for all players in the retail ecosystem.
Columbia University’s Climate School has introduced a pioneering master's degree in climate finance, the first of its kind in the United States. This program aims to equip professionals with the skills needed to tackle climate change and support the global energy transition. Collaborating closely with the Business School, this interdisciplinary course merges financial expertise with scientific knowledge to foster impactful solutions for the climate crisis. As demand for sustainability skills rises globally, this initiative responds to the growing need within public and private sectors to assess climate-related risks and mobilize essential financing.
Addressing Global Challenges Through Interdisciplinary Learning
The new master's program at Columbia integrates diverse disciplines to prepare students for addressing complex climate issues. By combining insights from climate science, adaptation strategies, and international finance, the curriculum is designed to develop comprehensive problem-solving capabilities. The collaboration between the Climate School and the Business School ensures that graduates will possess both the scientific understanding and financial acumen necessary to drive meaningful change in various sectors.
In today's rapidly evolving world, the intersection of climate science and finance is crucial for tackling environmental challenges. The program offers courses on climate science, mitigation and adaptation strategies, capital markets, and energy infrastructure financing. Students will gain a deep understanding of how these fields interact, enabling them to identify innovative pathways for mobilizing critical resources. Dean Alexis Abramson emphasized the importance of this multidisciplinary approach, stating that it is vital to address the urgent global challenge of climate change. By bringing together experts from different fields, the program aims to cultivate a new generation of leaders capable of driving transformative solutions.
Meeting Industry Demand for Climate-Savvy Professionals
The launch of this master's program reflects the increasing demand for professionals who can navigate the complexities of climate finance. Companies and organizations worldwide are implementing climate-related commitments and facing growing regulatory requirements. This initiative responds to the need for skilled individuals who can assess risks and opportunities associated with climate change and contribute to sustainable development. The program is tailored to meet the needs of public and private financial institutions, multilateral organizations, and the public sector.
Director Lisa Sachs highlighted the real-world application of this program, noting that there is a significant demand for practitioners who understand climate variability, risk assessment, and emerging investment opportunities. Graduates will be equipped to close financing gaps and address the challenges of climate finance on a global scale. Dean Costis Maglaras further underscored the impact of climate change on all aspects of life, emphasizing the necessity of integrating ideas from climate science and finance to effectively address these challenges. The one-year program, set to welcome its first cohort this Fall, promises to produce graduates who are well-prepared to lead in this critical field.