(Reuters) -Costco Wholesale said on Tuesday its longtime finance chief Richard Galanti will step down on March 15 and be succeeded by his counterpart at Kroger (NYSE:KR)'s, Gary Millerchip.
Galanti, who was CFO for more than three decades, will remain with the membership-only retailer through January 2025 in an advisory role to assist Gary during the transition.
He has been with the company through years of strong sales growth, including the pandemic and the most recently when shoppers switched to cheaper options for everyday essentials.
Analysts said Millerchip's departure from Kroger's was untimely given the grocer's pending deal with smaller rival Albertsons (NYSE:ACI).
Costco (NASDAQ:COST) also got a new CEO in Ron Vachris at the start of the year after it said in October that Craig Jelinek will step down from the role.
The company topped market expectations for quarterly revenue and profit in December and saw a nearly 7.6% rise in total paid household members.
Costco shares, which surged 47.8% in 2023, were down marginally in early trading.