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

Costco Chief Financial Officer Richard Galanti announced Tuesday that he plans to step down after nearly 40 years in the role.

The company announced that former Kroger finance chief Gary Millerchip will succeed Galanti on March 15, when his decades-long tenure as CFO is expected to end.

Galanti has long been a staple for Costco shareholders, especially during quarterly earnings calls. In doing so, he has frequently shared colorful information about the retailer.

For example, Galanti, who participated in the first quarter conference call in December, reported that Costco warehouses in the U.S. sold more than 4 million pies in the three days before Thanksgiving. He also said his customers bought $100 million worth of gold bars over a three-month period.

Costco sold $100 million in gold bars last quarter

Mr. Galanti probably famously told analysts on multiple occasions, including in December, that Costco’s membership fee hikes were “not a question of if, but when.” At the end of November, the retailer had 129.5 million cardholders.

A customer purchases items at a Costco in Huizquilcan, a suburb of Mexico City. (Dominic Bracco II of The Washington Post, via Getty Images)

Costco CEO Ron Vacris, who began taking the helm last month, thanked Galanti in a statement Tuesday, saying he has “made countless valuable contributions to Costco.” Stated. [Costco’s] “Widely known, admired and respected by our shareholders, employees, business partners and others.”

Woman returns sofa to Costco for the first time in two years; store’s generous return policy sparks viral reaction

Mr. Galanti will serve as an advisor to Mr. Millerchip after his appointment.

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

Costco is testing membership card scanners at the entrance.