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Costco Welcomes Gary Millerchip as New Chief Financial Officer; Ron Vachris Comments

Costco Welcomes Gary Millerchip as New Chief Financial Officer; Ron Vachris Comments


ISSAQUAH, WA
Wednesday, February 7th, 2024

Yesterday morning we released a report about Gary Millerchip’s departure from Kroger. Quickly after that news broke, we received word that Millerchip had been named as Costco’s new Executive Vice President and Chief Financial Officer. He succeeds current CFO Richard Galanti, who is stepping down on March 15, 2024.

Gary Millerchip, Executive Vice President and Chief Financial Officer, CostcoMillerchip brings extensive retail and finance experience to Costco, serving as Senior Vice President and Chief Financial Officer at The Kroger Co. since April 2019. According to a press release, 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 United Kingdom.

Costco currently operates 874 warehouses, including 602 in the United States and Puerto Rico. The retailer also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.

Costco has named Gary Millerchip as its new Executive Vice President and Chief Financial Officer

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.

Ron Vachris, Chief Executive Officer, Costco“Over his nearly 40-year tenure as Chief Financial Officer at the company, Richard has made innumerable and invaluable contributions to its success,” Costco Chief Executive Officer Ron Vachris stated. “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.”

We wish the best of luck to everyone involved in this strategic leadership transition.

Costco
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