​​ISSAQUAH, WA - It was just this morning when we reported that Kroger executive Gary Millerchip was stepping down from his post. The story developed even further when we learned earlier today that Costco has named Millerchip as its new Executive Vice President and Chief Financial Officer. This news comes after the announcement that current CFO Richard Galanti is stepping down on March 15, 2024.

Millerchip 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. As reporters for the fresh produce side, we have to wonder if the extensive grocery background the incoming Chief brings may spell out strategic growth for the club retailer. 

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.

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.

“Over his nearly forty-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.”

Congratulations to these industry executives as they take their next steps.