Costco CFO Set for Retirement, Hands Reins to Former Kroger Finance Chief

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.