After nearly four decades as Chief Financial Officer (CFO) at Costco Wholesale, Richard Galanti has officially retired and left the company. According to a filing with the U.S. Securities and Exchange Commission (SEC), his last official working day was Thursday, January 30.

It has been a long and somewhat bittersweet farewell. As planned, since March, Galanti has served in an advisory role after handing over financial leadership to current CFO Gary Millerchip. Additionally, he served as Executive Vice President and a member of the Board of Directors, and attended his final annual shareholders meeting in January.

However, old habits die hard. On Tuesday, Galanti returned to the company's offices in Issaquah, Washington, to pick up some remaining personal items. David Sherwood, Costco's Vice President of Financial Planning and Investor Relations, said: "He was in the office today cleaning out his desk." Sherwood described Galanti as an executive deeply embedded in the company's culture, a "hard-to-replace" corporate steward, and "a friend to everyone."

As Wall Street's de facto "spokesperson" for Costco, Galanti was known for his knack for uncovering the stories and trends behind the numbers. On Tuesday, he called CFO Dive from his car to share his farewell story. "I came to pick up a few photos from the wall," he said, along with some personal keepsakes left in his old office, emphasizing that the visit was not for work.

Looking back, he expressed gratitude for the opportunity to be part of the retailer's growth journey. According to the latest quarterly report, as of November 24, Costco operated 896 warehouse locations. Galanti initially gained retail experience in his family's grocery business in Atlanta, as CFO Dive previously reported. He joined the warehouse club retailer in 1984, just two weeks shy of his 28th birthday, when the company had only recently opened its first three stores in the Pacific Northwest.

On Tuesday, Galanti also shared his thoughts on succession planning, future plans, and what he will miss. Regarding the ideal duration for a typical executive handover, he suggested roughly two to three months. Of his successor, Millerchip—a seasoned finance executive who previously served as CFO of Kroger in Cincinnati, Ohio—Galanti said he was "ready to go" from the start. Galanti said his decision to stay through year-end was not driven by any need to help Millerchip transition.

When asked what he would miss about the company, Galanti said first: "First and foremost, the people." He added that he would also miss his role as the company's "spokesperson."

"Of course, you miss being part of it," he said, mentioning plans to apply his business experience to corporate boards. Looking ahead, Galanti also plans to spend more time with family and travel.

One thing he will not miss is the growing regulatory burden that public companies must navigate. "I won't miss the increasing complexity of running a business," he said, noting that he often joked about the proliferation of acronyms in retail, even though retail is essentially a very simple business. "You buy things, and you sell things," he said.

Over the past year, Galanti's departure has been widely celebrated. Sherwood recalled in an interview on Tuesday that multiple celebrations were held during that time. Galanti also received other honors, including a lifetime achievement award from the CFO Leadership Council, which noted that under his leadership, Costco had become a "global giant."

Among the many public farewells, one particularly heartfelt exchange broke the routine of a typical earnings call. During the March 7, 2024, call, one analyst said: "I feel like we should retire your jersey to the rafters like a superstar. Congratulations." (According to the call transcript.)