Costco CFO Richard Galanti to retire March 15; Gary Millerchip named successor

COSTCO WHOLESALE CORP /NEW

Galanti departs as CFO after ~40 years; remains EVP and Board member, advisory role through Jan 2025.
Millerchip, ex-Kroger CFO, appointed EVP/CFO effective March 15; base salary $900,000, plus bonus eligibility.
Millerchip receives $4M cash payment ($2M forgivable if employed March 2025, $1M if March 2026) and $7M RSU grant vesting over 3 years.
Millerchip also gets RSU grant target $2.8M in March 2024 and annual grants target $5.6M from Oct 2024, vesting over 5 years with performance conditions.

item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Gary Millerchip

Chief Financial Officer

COST · COSTCO WHOLESALE CORP /NEW

Effective: 2024-03-15
Filed: February 9, 2024, 6:59 PM ET

The Board of Directors has appointed Gary Millerchip as an Executive Vice President, effective February 29, 2024, and Costco’s Chief Financial Officer to succeed Mr. Galanti, effective March 15, 2024.

Role change

Richard Galanti

Chief Financial Officer

COST · COSTCO WHOLESALE CORP /NEW

Effective: 2024-03-15
Successor: Gary Millerchip
Filed: February 9, 2024, 6:59 PM ET

On February 6, 2024, Costco announced that Richard Galanti will retire as Costco’s Chief Financial Officer, effective March 15, 2024, following nearly forty years of distinguished service to the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Gary Millerchip was appointed as Chief Financial Officer at COSTCO WHOLESALE CORP /NEW.

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

The Board of Directors has appointed Gary Millerchip as an Executive Vice President, effective February 29, 2024, and Costco’s Chief Financial Officer to succeed Mr. Galanti, effective March 15, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Galanti changed role as Chief Financial Officer at COSTCO WHOLESALE CORP /NEW.

Action: retire
Role: Chief Financial Officer

Exact text from the filing

On February 6, 2024, Costco announced that Richard Galanti will retire as Costco’s Chief Financial Officer, effective March 15, 2024, following nearly forty years of distinguished service to the Company.

View on SEC.gov

COSTCO WHOLESALE CORP /NEW filing history →

Source: SEC EDGAR

accession 0000909832-24-000008

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