iStock.com/jetcityimage
Costco CFO Set for Retirement, Hands Reins to Former Kroger Finance Chief
February 7, 2024
After a journey of nearly four decades, Costco’s longstanding CFO, Richard Galanti, is preparing to step back from his role. The torch is being passed on to Gary Millerchip, an experienced executive and former finance chief at Kroger. The official transition is set to happen on March 15, marking an end to Galanti’s illustrious tenure.
Galanti, an integral part of the Costco team, has been instrumental in presenting quarterly reports to shareholders. His vibrant presentations often included fascinating details about the company, not only numbers and percentages but also interesting facts about the business. For instance, during the first-quarter call last December, Galanti shared that Costco had sold over 4 million pies in just the three days leading up to Thanksgiving. He also revealed an impressive sale of over $100 million in gold bars during a three-month period.
Galanti’s time at Costco was not just about presenting financial details. He was synonymous with hints about future membership fee increases, frequently leading analysts to anticipate a “when,” not “if” scenario. As of November, Costco reported a robust membership of 129.5 million cardholders.
Ron Vachris, the CEO of Costco, expressed his appreciation for Galanti’s innumerable contributions to the company’s growth. He acknowledged Galanti’s reputation among Costco’s stakeholders, including shareholders, employees, and partners, as outstanding.
Post-retirement, Galanti is not disappearing from the Costco landscape completely. He will serve in an advisory role, continuing to share his wealth of experience and knowledge with the company. The move allows for a smooth baton handover to Millerchip, ensuring continuity and stability in the company’s finances, as it continues to build on its success and cater to its massive membership base.
This change in Costco’s financial leadership is a significant shift after a stable 40-year tenure. The associates, partners, and millions of Costco cardholders will be watching the transition with interest, even as they bid adieu to a familiar face and welcome a new leader on the company’s journey.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.