secwatch.observer — SEC 8-K summary
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Issuer:     COSTCO WHOLESALE CORP /NEW (COST)
CIK:        0000909832
Form:       8-K
Filed at:   2024-02-09T23:59:59+00:00
Accession:  0000909832-24-000008
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/909832/000090983224000008/0000909832-24-000008-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/909832/000090983224000008/cost-20240205.htm
  HTML page:      https://secwatch.observer/filing/0000909832-24-000008

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer