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Tuesday, Costco announced this longtime financial framework Richard Galanti would be resign From its CFO functions after almost 40 years with the company. Since he joined Costco in 1985, Galanti managed to keep the beneficiary margins of the retailer in the green, while pleading for reduced prices and low membership fees on behalf of consumers.

According to the press release, Galanti will remain COSTCO temporary CFO until March 15, when he will move to an advisory role until January 2025. Gary Millerchip , which will also be the new executive vice-president of Costco.

In relation: Buyers abandon Costco for Sam's Club for new membership rules .

"During his mandate nearly forty years as a financial director of the company Richard brought countless and invaluable contributions to its success. It is widely known, admired and respected among our shareholders, employees, business partners and other . We express our our deepest gratitude for its long and faithful service, " Ron Vachris , Costco Managing Director, wrote.

While Costco is embarking on a new chapter, Vachris says he is convinced that the company is in good hands. Millerchip has an active and finance training, having devoted 15 years of service to the Kroger Co. and an additional 20 years ago.

While Vachris and the company remain optimistic about the new changes to come, several members of Costco on Reddit shared that They have "a bad feeling" Regarding the takeover of Millerchip and care if its involvement could mean higher prices and increased membership fees.

"This is the start of the end. We had a good race," wrote a person.

Another commented: "Remember when we thought that losing the Polish hot dogs, the Combo pizza and the freshly made pastries was the end of the world?" AE0FCC31AE342FD3A1346EBB1F342FCB

Others point out that Costco and Kroger's commercial models are more different than they are and that the large -scale chain could have hired the company's walls better.

"Not good! Kroger and Costco are very different stores and commercial models. It's like taking a Pepsico financial director (very conservative, focused on raw materials ... Think about insurance) and charge them Finance for a hip and culture company. A disaster in the making, "said someone.

"Of all the people around the world, Costco could have found their operation in the following C…. After Kroger's financial director. Do you want to tell me that no one in their ranks had the capacity, the credits and the Intelligence to take this position? "reads another answer.

Reddit users who buy Costco and Kroger have started to weigh, many noting that Kroger stores fail compared to Costco.

"Yeah, Kroger has been constantly [explained] for 20 years to the point where I only make shopping at Costco and Aldi now, I hate seeing Costco bringing someone who was part of it," wrote a person.

"Many Kroger stores from my region went down. It was a more pleasant place to shop!" said a worried buyer.

In addition, Costco buyers are concerned about what it means for membership costs. Although Galanti said in December that a price increase was inevitable , he previously noted that membership fees had not been increased since 2017 - longer than the standard five years.

Galanti is also well known for his position on the maintenance of the prices of the catering areas. During a call for results in 2022, he famous suggested That he planned to keep the Hot-Dog and Soda combo of $ 1.50 "forever".

In the coming weeks, Galanti will come out of his role while providing support to the Millerchip successor. However, customers may be happy to learn that Galanti will not have left for good: he will continue to the Costco board of directors.