Kroger CEO to step down Jan. 1
Cincinnati – David B. Dillon will step down as CEO of The Kroger Co. effective Jan. 1, 2014. Dillon, 62, is a 37-year Kroger veteran who has been serving as CEO since 2003; he will remain chairman of the board.
W. Rodney McMullen, 53, Kroger’s president and COO, will become CEO on Jan. 1. McMullen joined Kroger in 1978 on a part-time basis on a stock crew and has been president and COO since 2009 and a director since 2003. He previously held a variety of senior management positions including vice chairman; executive VP of strategy, planning, and finance; and CFO.
“As Kroger implements its strategic growth initiatives, the time is right for the transition of leadership,” said Dillon. “Rodney has played a leadership role in every major decision Kroger has made for the past 25 years, including the development and implementation of Kroger’s customer 1st approach as well as our current growth strategy. He is ready to be CEO.”
Cypress Equities acquires Bessemer, Ala., center
Dallas — A fund managed by Cypress Equities has acquired Promenade Tannehill in Bessemer, Ala., a suburb of Birmingham.
Tannehill is a 347,151-sq.-ft. regional power center that opened in 2008 and presently houses more than 30 retailers, including Target, Publix, J.C. Penney, Michaels, PetSmart, Premiere Cinemas, Charming Charlie, Anna’s Linens and Ross Dress For Less.
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Rivercrest Realty acquires Norton Commons
Norton, Va. — Rivercrest Realty Associates has acquired the 81,297-sq.-ft. Norton Commons shopping center in Norton, Va., for $6,910,000.
Divaris Real Estate represented the seller, General Electric Credit Equities, in the transaction. At the time of the sale, the center, anchored by Burke’s Outlet, was 98% occupied.
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