Longtime Costco CFO Richard Galanti is stepping down in March, to be replaced by Gary Millerchip, who has been chief financial officer at The Kroger Co.
According to Costco, Galanti will remain with the company through January 2025 as an advisor and continue serving on the board of directors.
Costco CEO Ron Vachris noted, “Over his nearly 40-year tenure as chief financial officer at the company, (Galanti) has made innumerable and invaluable contributions to its success. 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.”
Of Millerchip, Costco noted he brings extensive retail and finance experience to Costco, having served as senior vice president and CFO at Kroger since 2019 after more than 20 years in banking, most recently with the NatWest Group.
Kroger announced that Todd Foley, group vice president, corporate controller and chief accounting officer, will act as the company’s interim CFO until the company decides on a permanent replacement for Millerchip.
“(Foley) is a proven leader who has served in key finance roles and has contributed meaningfully to Kroger’s growth and transformation over more than 20 years,” noted Rodney McMullen, Kroger chairman and CEO. “(Foley) is the right person to take the helm and will step in seamlessly to continue advancing our value creation model and maintain a strong financial framework for our company as we plan ahead for our pending merger with Albertsons. At Kroger, we are fortunate to benefit from an incredibly deep bench of talent across our finance team and all levels of our organization as we continue to execute our strategy and generate sustainable returns for our shareholders.”
