Last updated on February 11th, 2024 at 02:10 pm
Costco Wholesale Corp. has shared that Richard Galanti will step down as CFO, effective March 15. The board of directors has named Gary Millerchip as EVP and CFO.
Millerchip brings extensive retail and finance experience to Costco, serving as SVP and CFO at The Kroger Co. since April 2019. He spent 15 years at The Kroger Co., preceded by more than 20 years in banking, most recently with the NatWest Group (formerly Royal Bank of Scotland) in the U.K.
Galanti will remain with Costco through January 2025, serving in an advisory role, assisting Millerchip during the transition and continuing on the board of directors.
“Over his nearly 40-year tenure as chief financial officer at the company, Richard has made innumerable and invaluable contributions to its success,” said CEO Ron Vachris. “He is widely known, admired and respected among our shareholders, employees, business partners and others. We express our deepest gratitude for his long and loyal service.”
Todd Foley has been appointed as interim CFO with The Kroger Co. following Millerchip’s exit. Read the full story here from The Shelby Report.
About Costco
Based in Issaquah, Washington, Costco operates 874 warehouses, including 602 in the U.S. and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, six in China, four in Spain, two in France and one each in Iceland, New Zealand and Sweden.
Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.
Read more executive news from The Shelby Report.
