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Costco | 8-K: Costco Wholesale Corporation Announces Richard Galanti Will Step down as Cfo, Names Gary Millerchip New Cfo

SEC announcement ·  Feb 9 16:31
Summary by Moomoo AI
Costco Wholesale Corporation announced a significant change in its executive team with the retirement of Richard Galanti as Chief Financial Officer, effective March 15, 2024. Galanti, who has served Costco for nearly four decades, will continue to play a role as an Executive Vice President and a member of the Board of Directors. Gary Millerchip will succeed Galanti as the new CFO, starting from the same date. Millerchip, with a background as Senior Vice President and CFO of The Kroger Co., brings extensive experience in retail and finance to Costco. His compensation package includes a base salary, eligibility for bonuses, and performance-based restricted stock unit grants. Additionally, to compensate for the forfeiture of benefits from his previous employer, Millerchip will receive a cash payment and a grant of RSUs. The transition is part of a current report filed with the SEC, which also includes a press release dated February 6, 2024.
Costco Wholesale Corporation announced a significant change in its executive team with the retirement of Richard Galanti as Chief Financial Officer, effective March 15, 2024. Galanti, who has served Costco for nearly four decades, will continue to play a role as an Executive Vice President and a member of the Board of Directors. Gary Millerchip will succeed Galanti as the new CFO, starting from the same date. Millerchip, with a background as Senior Vice President and CFO of The Kroger Co., brings extensive experience in retail and finance to Costco. His compensation package includes a base salary, eligibility for bonuses, and performance-based restricted stock unit grants. Additionally, to compensate for the forfeiture of benefits from his previous employer, Millerchip will receive a cash payment and a grant of RSUs. The transition is part of a current report filed with the SEC, which also includes a press release dated February 6, 2024.
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