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Kroger executive compensation declined in 2023

Incentive plan pays out at 24% of target, vs. nearly 200% in 2022

Kroger’s top executives saw their total compensation decline in 2023, compared with 2022, due to a sharp drop in non-equity incentive plan compensation, according to a filing made this week with the Securities & Exchange Commission.

Rodney McMullen, chairman and CEO, was listed as having total compensation of about $15.7 million, for example, down 18.2% from $19.2 million in 2022. His non-equity incentive plan compensation in 2023 was $672,560, vs. more than $4.1 million in 2022. McMullen’s base salary was about $1.42 million in 2023, up 2.5% over 2022.

The decrease in incentive compensation reflects financial results that were below the incentive-plan targets, the company said in the filing. The incentive program paid out at about 24% of the target, compared with 192.4% in 2022.

Kroger reported $2.16 billion in net income in 2023 on $150 billion in sales, with identical-store sales up 0.9%. In the proxy filing, Kroger said its incentive plan goals were based on a combination of identical-store sales, excluding fuel, and operating profit, including fuel.

A company spokesperson declined to comment further on the terms of the incentive plan.

Other top executives also saw declines in total compensation in 2023, including Gary Millerchip, executive VP and chief financial officer, whose total compensation was down about 11.8%; Stuart W. Aitken, senior VP and chief merchandising and marketing officer, down 11.7%; Yael Cosset, senior VP and chief information officer, down 12.1%, and Timothy A. Massa, senior VP and chief people officer, down 13.2%.

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