Good morning. The new CFO of retail giant Costco, Gary Millerchip, succeeds the company's longtime finance chief, Richard Galanti, who had been in the role for decades. One of Costco’s first moves with Millerchip at the helm of finance: the first membership fee increase in seven years.
The company announced on July 10 that membership prices are increasing by $5 to $65 for the basic Gold Star level in the U.S. and Canada, while the executive membership plan, which offers cash back, will go to $130 from $120 as of Sept. 1. Costco boasts 128 million members worldwide.
