Gary Millerchip is leaving his role as Kroger’s senior vice president and chief financial officer to become CFO at Costco Wholesale, the companies confirmed.
“I am proud of all we have accomplished at Kroger and have made the decision to transition into a new chapter in my career,” said Millerchip in a statement released by Kroger. “Kroger is well positioned for the future, and I wish the team continued success.”
Millerchip will succeed Costco CFO Richard Galanti, who is leaving the role on March 15, Costco said in a press release. Galanti will continue with Costco through January 2025, serving in an advisory role during the transition, the company said.
“Over his nearly forty-year tenure as chief financial officer at the company, Richard has made innumerable and invaluable contributions to its success," Costco Chief Executive Officer Ron Vachris said in a statement. “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.”
Todd Foley, Kroger group vice president, corporate controller and chief accounting officer, was named interim CFO, effective immediately. Kroger said it would name a permanent CFO replacement at a later date.
“Todd is a proven leader who has served in key finance roles and has contributed meaningfully to Kroger’s growth and transformation over more than 20 years,” said Rodney McMullen, Kroger’s chairman and CEO. “Todd is the right person to take the helm and will step in seamlessly to continue advancing our value creation model and maintain a strong financial framework for our company as we plan ahead for our pending merger with Albertsons. At Kroger, we are fortunate to benefit from an incredibly deep bench of talent across our finance team and all levels of our organization as we continue to execute our strategy and generate sustainable returns for our shareholders.”
The grocery chain said Foley joined Kroger in 2001 and has since served as assistant corporate controller, vice president and treasurer, and most recently as group vice president corporate controller and chief accounting officer. He also helped develop the company’s financial strategy, including its Leading with Fresh, Accelerating with Digital strategy, the company said.
“This is an exciting time in Kroger’'s history, and it is an honor to lead our world-class finance team as we continue building for the future,” said Foley in a statement. “Kroger has a successful go to market strategy, and there is great momentum across the business. I’'m looking forward to continuing to work closely with the Kroger leadership team to deliver on our long-term value creation goals and ensure a smooth transition for all stakeholders.”