TLDR:
Costco CFO Richard Galanti, who has been serving in the role for almost four decades, has announced his plans to step down from his position. Gary Millerchip, a former finance chief at Kroger, will take over as CFO starting on March 15. Galanti has been a prominent figure for Costco shareholders and has provided colorful insights about the retailer during earnings calls. He reported that Costco sold over $100 million worth of gold bars in the last quarter and mentioned that membership fees increasing is a matter of when, not if. CEO Ron Vachris expressed gratitude to Galanti for his valuable contributions to the company’s success. After Millerchip assumes the role, Galanti will serve in an advisory capacity.
Costco CFO Richard Galanti is set to step down from his position after nearly four decades. He has been a fixture for Costco shareholders, sharing colorful insights about the retailer during earnings calls. For example, he reported that Costco sold over $100 million worth of gold bars in the last quarter. Galanti has also mentioned that the increase in membership fees is a matter of when, not if. The retailer currently has 129.5 million cardholders.
Gary Millerchip, a former finance chief at Kroger, will take over as CFO on March 15 when Galanti’s tenure is expected to end. CEO Ron Vachris expressed gratitude to Galanti for his invaluable contributions to Costco’s success. Galanti will continue to serve in an advisory capacity after Millerchip assumes the role.
Costco CFO Richard Galanti will be stepping down from his position after nearly four decades. The former Kroger finance chief, Gary Millerchip, will be taking over the role as CFO from March 15 onwards. Galanti has been known for his prominent role in quarterly earnings calls and has provided interesting details about Costco’s performance, such as selling over $100 million worth of gold bars in the previous quarter. Galanti has also mentioned that an increase in membership fees is inevitable. CEO Ron Vachris expressed his gratitude to Galanti for his invaluable contributions. Following Millerchip’s appointment, Galanti will continue to provide advisory support.
