Kroger Stock (KR) Slides despite Plans to Go Head-to-Head with Amazon, Walmart, Costco

Grocery chain Kroger’s (KR) shares closed lower on Thursday despite plans by its new CEO, Greg Foran, to implement aggressive price cuts to compete with rivals Amazon (AMZN), Walmart (WMT), and Costco (COST).Meet Samuel – Your Personal Investing ProphetStart a conversation with TipRanks’ trusted, data-backed investment intelligence

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Foran, who was appointed as chief executive in February, revealed the plans to Bloomberg on Thursday in his first media appearance since taking on the leadership reins at the grocery retailer. He noted that such cuts will be conducted in phases after testing.

CEO Greg Foran to Bank on Cheap Pricing

The new CEO is an industry veteran who boasts of over four decades of experience across five countries. He led Kroger rival Walmart’s (WMT) U.S. division — the company’s largest — for six years until 2019.