Costco CEO steps down as Ron Vachris elected to post
Costco CEO steps down as Ron Vachris elected to post
Costco Wholesale Corp. CEO Craig Jelinek will step down from his position, effective Jan. 1, 2024. The board of directors elected Ron Vachris, president and chief operating officer since February 2022, as president and CEO, effective Jan. 1.
Jelinek and Vachris have worked hand in hand over the last 21 months in Vachris' role as president and for many years before that. The company said this is the culmination of a long-standing succession plan that Jelinek had discussed with the board.
Vachris is a Costco veteran, with over 40 years 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. Jelinek will also continue to serve on the board of directors and will stand for reelection at the January 2024 annual meeting.