Costco Wholesale Corporation has announced the appointment of Gary Millerchip as its new chief financial officer and executive vice president, effective 15 March 2024.
Millerchip will succeed Richard Galanti, who has decided to step down from the position, the wholesaler added.
Galanti will remain with Costco through January 2025 in an advisory role. He will assist Millerchip during the transition and continue on the board of directors.
Costco chief executive officer, Ron Vachris stated, “Over his nearly forty-year tenure as chief financial officer at the company, Richard 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.”
Currently, Costco operates more than 850 warehouses, including 602 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, and 15 in Australia, among others.
Costco also operates e-commerce sites in the US, Canada, the UK, Mexico, Korea, Taiwan, Japan and Australia.
He will be succeeded by Todd Foley on an interim basis until the US retailer names a Millerchip's successor at a later date.
Foley has served as Kroger's group vice president, corporate controller and chief accounting officer since 2021. He also oversees the pension investment, tax and insurance teams.
Rodney McMullen, Kroger's chairperson and CEO, stated, "On behalf of the Kroger board and management team, I want to thank Gary for his contributions over the last 15 years, supporting Kroger's industry leadership and significant growth opportunities."
McMullen added, "Todd 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."