Free Newsletter
ISSAQUAH, Wash. — Warehouse retailer Costco Wholesale Corp. announced that CEO Craig Jelinek is stepping down, effective Jan. 1, 2024.
Ron Vachris, who has served as president and chief operating officer since February 2022, has been elected president and CEO, also effective Jan. 1, 2024. The company says Jelinek and Vachris have worked together over the 21 months in Vachris’ role as president and for many years before that. This is the culmination of the long-standing succession plan that Jelinek has discussed with the board.
Vachris is a Costco veteran with more than 40 of service to the company, starting as a forklift driver and subsequently serving in every major role related to Costco’s business operations and merchandising activities.
“Costco has a very strong culture and a deep bench of management talent,” said Jelinek. “I have total confidence in Ron and feel that we are fortunate as a company to have an executive of his caliber to succeed me.”
Jelinek will remain with Costco through April 2024, serving in an advisory role and assisting Vachris during the transition. He will also continue to serve on the board of directors and will stand for reelection at the January 2024 annual meeting.
See also: What is growing in 48,000 recalled FXI mattresses sold through Costco?
