Millerchip Named Costco CFO

Costco Wholesale has named a new chief financial officer as Gary Millerchip is joining the retailer from Kroger. He will replace Richard Galanti, who is stepping down as the company’s CFO effective March 15.

Millerchip, who will hold the title of executive vice president and CFO, joins Costco from Kroger. Since 2019, he has served as the grocer’s senior vice president and chief financial officer. 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.

“Over his nearly 40 year tenure as chief financial officer at the company Richard has made innumerable and invaluable contributions to its success,” said Ron Vachris, Costco’s CEO. “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.”

Galanti will remain with Costco through January 2025, serving in an advisory role, assisting Gary during the transition, and continuing on the Board of Directors. 

At Kroger, the grocery said Todd Foley, its current group vice president, corporate controller and chief accounting officer, has been appointed interim chief financial officer. The company will name a CFO successor at a later date.

"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,” said Rodney McMullen, Kroger’s chairman and CEO.