ISSAQUAH, Wash. — Costco Wholesale Corp. said chief financial officer Richard Galanti intends to step down from that role, effective March 15. Gary Millerchip, who has served as senior vice president and CFO at Kroger Co., will succeed Galanti as Costco CFO.

Galanti will remain with Costco through January 2025, serving in an advisory role, assisting Millerchip during the transition and continuing to serve on the company’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,” Costco chief executive officer Ron Vachris said in a statement. “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.”

Millerchip brings extensive retail and finance experience to his new position at Costco, serving as senior vice president and CFO at Kroger since April 2019, the culmination of a 15-year tenure at the company. Before that Millerchip spent more than 20 years in banking, most recently with the NatWest Group (formerly Royal Bank of Scotland) in the UK.

Costco currently operates 874 warehouse clubs, including 602 in the U.S. and Puerto Rico, 108 in Canada, 40 in Mexico, and 33 in Japan.