Costco Wholesale Corporation Announces Richard Galanti Will Step Down As CFO, Names Gary Millerchip New CFO, Effective March 15, 2024
Portfolio Pulse from Benzinga Newsdesk
Costco Wholesale Corporation (NASDAQ:COST) announced the stepping down of CFO Richard Galanti effective March 15, 2024, and the appointment of Gary Millerchip as the new CFO from the same date. Millerchip, with extensive retail and finance experience, previously served as CFO at The Kroger Co. Galanti will remain in an advisory role until January 2025 and continue on the Board of Directors. Costco operates 874 warehouses globally and has e-commerce sites in multiple countries.
February 06, 2024 | 1:33 pm
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Costco announces CFO transition with Richard Galanti stepping down and Gary Millerchip taking over on March 15, 2024. Galanti to remain as advisor and board member until January 2025.
CFO transitions in large corporations like Costco are significant but typically well-planned to ensure stability. The appointment of Gary Millerchip, with his extensive background in retail and finance, is likely to be viewed positively. However, such transitions can bring uncertainty in the short term, potentially affecting stock performance. The continued involvement of Richard Galanti in an advisory role and as a board member until January 2025 provides a layer of continuity and stability, mitigating potential negative impacts.
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