Consumer discretionary stocks declined as looming tariffs fuel concerns about inflation and economic growth in the U.S., while the consumer staple sector was slightly higher. Supermarket operator Kroger announced the resignation of CEO Rodney McMullen following a board investigation into his personal conduct.

The supermarket chain said Rodney McMullen’s conduct wasn’t related to its financial performance or operations but it was inconsistent with its ethics policy.

Mr. McMullen’s conduct is not related to the company’s financial performance, operations or reporting, and it did not involve any Kroger associates,” the company said.

Kroger Chairman and CEO Rodney McMullen is stepping down after an internal investigation into his personal conduct.

Board member Ronald Sargent will serve as Chairman of the Board of Directors and interim Chief Executive Officer

Ex-Kroger CEO Rodney McMullen left over $11 million on the table when he left the grocer, according to the company's SEC filings.

McMullen, 64, earned $15.7 million in 2023. The compensation included nearly $673,000 in performance-based incentive pay, according to SEC filings.

The company plans to consider internal and external candidates to replace former chief executive Rodney McMullen, Chairman and interim CEO Ronald Sargent told investors Thursday.