Costco Wholesale Corporation’s CFO Richard Galanti confirmed his intention to step down as CFO effective March 15, 2024. The company’s Board of Directors named Gary Millerchip EVP and CFO, effective the same date.
Millerchip reportedly brings extensive retail and finance experience, 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 is expected to remain with the company through January 2025, serving in an advisory role, assisting Millerchip during the transition, and continuing on the Board of Directors.
“Over his nearly forty-year tenure as chief financial officer at the company, Richard has made innumerable and invaluable contributions to its success,” said Costco 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.”
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 UK, 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 UK, Mexico, Korea, Taiwan, Japan, and Australia.
Images courtesy Costco
