Costco CFO Richard Galanti to step down after nearly 4 decades as finance chief

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    Costco CFO Richard Galanti on Tuesday announced plans to step down after serving for nearly 40 years in the role.

    The retailer said Gary Millerchip, the former Kroger finance chief, will take over on March 15, when Galanti’s decades-long tenure as CFO is expected to end.

    Galanti has long been a fixture – particularly on quarterly earnings calls – for Costco shareholders. He has often shared colorful tidbits about the retailer during them.

    Costco

    A Costco store on June 28, 2023, in Teterboro, New Jersey. (Kena Betancur/VIEWpress / Getty Images)

    While participating in December’s first-quarter call, for example, Galanti reported Costco warehouses in the U.S. had seen over 4 million pie sales in the three days before Thanksgiving. He also said customers bought over $100 million worth of gold bars in the three-month period.

    Ticker Security Last Change Change %
    COST COSTCO WHOLESALE CORP. 719.78 +8.99 +1.26%

    COSTCO SOLD $100 MILLION IN GOLD BARS LAST QUARTER

    Galanti has perhaps famously told analysts Costco membership fees increasing “is a question of when, not if” on multiple occasions, including in December. The retailer had 129.5 million cardholders at the end of November.

    Woman handing over Costco card

    A customer makes a purchase at the Costco in Huixquilucan, outside of Mexico City. (Dominic Bracco II for The Washington Post via / Getty Images)

    CEO Ron Vachris, who started leading Costco last month, expressed gratitude to Galanti in a Tuesday statement, saying he “has made innumerable and invaluable contributions to [Costco’s] success” and is “widely known, admired, and respected among our shareholders, employees, business partners, and others.”

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    Galanti will serve in an advisory capacity after Millerchip takes over.

    Costco aisle with prices

    Cases of beer are stacked on pallets at a Costco in San Antonio, Texas, on May 30, 2018. (Callaghan O’Hare/Bloomberg via Getty Images / Getty Images)

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