Costco Wholesale Corporation Announces Richard Galanti will Step Down as CFO, Names Gary Millerhip New CFO

Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) announced today that Richard Galanti has confirmed his intention to step down as Chief Financial Officer, effective March 15, 2024. The Board of Directors has named Gary Millerchip as Executive Vice President and Chief Financial Officer, effective March 15, 2024.

Gary brings extensive retail and finance experience to Costco, serving as Senior Vice President and Chief Financial Officer at The Kroger Co. since April 2019. Gary spent 15 years at The Kroger Co., preceded by more than 20 years in banking, most recently with the NatWest Group (formerly Royal Bank of Scotland) in the UK.

Richard will remain with the Company through January 2025, serving in an advisory role, assisting Gary during the transition and continuing on the Board of Directors. Costco Chief Executive Officer Ron Vachris stated: “Throughout his nearly 40-year tenure as chief financial officer at the Company Richard has made innumerable and invaluable contributions to its success. 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.”

Costco currently operates 874 warehouses, including 602 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, six in China, four in Spain, two in France and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the US, Canada, the UK, Mexico, Korea, Taiwan, Japan and Australia.