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Kroger names Ellis as next president, COO

Oct. 18, 2013 @ 12:00 AM

CINCINNATI -- Kroger said Thursday that Michael Ellis, senior vice president of retail divisions, will become its president and chief operating officer at the start of the new year.

The announcement is part of the company's succession plan, as it said last month that President and Chief Operating Officer W. Rodney McMullen would become CEO in January when current CEO David Dillon retires.

Dillon, 62, will remain with the nation's biggest traditional supermarket operator until Dec. 31, 2014 as chairman.

The 55-year-old Ellis has served as senior vice president of retail divisions since last year. In that role, he heads five retail supermarket divisions and the company's jewelry and convenience store businesses.

Fifth Third 3Q profit rises 19% on share sale

CINCINNATI -- Fifth Third Bancorp posted a 19 percent jump in third-quarter profit, thanks in part to the sale of shares in a former payment processing subsidiary.

The Cincinnati-based regional banking company on Thursday reported net income of $421 million, or 47 cents per share, for the three months ended Sept. 30. That compares with $354 million, or 38 cents per share, in the 2012 third quarter.

A sale of shares in former subsidiary Vantiv accounted for an $85 million, or 6 cents per share, pretax benefit.

Analysts surveyed by FactSet, on average, expected earnings of 42 cents per share. Those estimates typically exclude one-time gains and charges.

Supervalu returns to profit in 2Q, tops Street

MINNEAPOLIS -- Supervalu returned to a profit in its fiscal second quarter after posting a loss in the same period a year ago due to a large charge.

Its adjusted profit and revenue beat analysts' expectations. Shares climbed more than 6 percent premarket trading Thursday.

The grocer earned $40 million, or 15 cents per share, for the period ended Sept. 7.

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