Kroger exec steps down to take on Costco role

Gary Millerchip, who just announced he was stepping down as SVP and CFO of Kroger, 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.

[Read more: Craig Jelinek to step down as CEO of Costco]

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.

This story originally appeared on Progressive Grocer.