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Costco Names Kroger’s Gary Millerchip as EVP, CFO

Finance executive had 15 years of experience with Kroger
Emily Crowe, Progressive Grocer
Costco CFO
Gary Millerchip

Gary Millerchip, who just yesterday announced he was stepping down as SVP and CFO of The Kroger Co., has been appointed EVP and CFO of Costco Wholesale, effective March 15. Millerchip will replace Costco’s Richard Galanti, who is leaving his position but will serve in an advisory role through January 2025.

Millerchip had served as SVP and CFO at Kroger since April 2019, and had spent a total of 15 years at that company. Before that, Millerchip worked for more than 20 years in banking, most recently with the NatWest Group (formerly Royal Bank of Scotland) in the U.K.

For his part, Galanti will help Millerchip through the transition and will continue on Costco’s board of directors.

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

Over at Kroger, Todd Foley, group VP, corporate controller and chief accounting officer, has been appointed interim CFO, effective immediately. The company says it will name a CFO successor at a later date.

Costco will report its second quarter earnings on March 7.

Serving more than 11 million customers daily through digital shopping and retail food stores under a variety of banner names, Cincinnati-based Kroger is No. 4 on The PG 100, Progressive Grocer’s 2023 list of the top food and consumables retailers in North America. Issaquah, Wash.-based Costco currently operates more than 870 warehouses, including 600 in the United States and Puerto Rico and 108 in Canada, and is No. 3 on The PG 100. PG also named both Kroger and Costco among its Retailers of the Century.

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