Costco Wholesale’s (COST) chief financial officer (CFO) Richard Galanti has announced his retirement on March 15 of this year after more than three decades in his current role.
Galanti will be succeeded by former Kroger (KR) CFO Gary Millerchip, Costco said in a news release.
The news of Galanti’s retirement comes months after Costco’s longtime chief executive officer (CEO) Craig Jelinek announced his retirement. His successor, Ron Vachris, took control of Costco on Jan. 1 of this year.
Galanti is credited with much of Costco’s success and for rewarding shareholders with special dividends that are paid in addition to regular quarterly dividends.
Costco announced its most recent special dividend last December, paying shareholders $15 U.S. per common share on Jan. 12 of this year.
Galanti has also been credited with holding Costco’s membership fees steady during the pandemic and current inflationary period.
Costco’s Gold Star membership fee has been held at $60 U.S. and its Executive membership fee at $120 U.S. since June 2017.
Historically, Costco has raised its membership fee every five years. However, it’s now been 84 months since Costco last raised its fees.
However, Costco has been cracking down on membership sharing over the past year, requiring people to show photo identification when entering its stores.
Costco’s stock has risen 57% over the last 12 months and currently trades at $759.95 U.S. per share.
