Kroger CEO Rodney McMullen got a pay cut last year, filing shows

Kroger CEO Rodney McMullen saw his pay drop 18% in 2023 to $15.5 million, according to a corporate filing Wednesday morning with the U.S. Securities and Exchange Commission.

The head of the nation's largest supermarket retailer was paid $19 million in the previous year, according to the Associated Press' methodology for executive compensation that excludes pension value changes.

The typical worker got nearly a $2,700 pay raise, climbing 9% in 2023 to $31,302. The ratio of McMullen's pay to the median Kroger worker – as required to be reported by the government – was 502 to 1, narrowing from the previous ratio of 671 to 1 in the previous year.

Kroger earned a $2.2 billion profit on sales of $150 billion last year. The modest sales growth occurred as consumers continue to grapple with the cumulative effects of high inflation for food, food and other items. In recent years, the cost of food purchased at supermarkets and supercenters rose nearly 25% – the worst food inflation seen in America since the early 1980s, according to the U.S. Bureau of Labor Statistics.

Earlier this year, regulators at the Federal Trade Commission sued Kroger to stop its proposed $25 billion takeover bid of Albertsons.

In addition to Kroger stores, the Cincinnati-based grocer operates several regional supermarket chains in 35 states, including Fred Meyer, Harris Teeter, Ralphs, Mariano's, Fry's, Smith's, King Soopers, QFC and others. The company has more than 2,700 stores and employs 414,000 workers.

This article originally appeared on Cincinnati Enquirer: What does Kroger CEO Rodney McMullen, Kroger workers earn?