Costco Wholesale Corp. said Craig Jelinek, CEO since 2012, plans to step down, effective January 1, 2024. Ron Vachris, president and COO since February 2022, will succeed Jelinek as president and CEO.
Costco said in a release that the two executives have worked together over nearly the past two years and described the move as “the culmination of the long-standing succession plan.”
Vachris has worked for Costco for over forty years, starting as a forklift driver and subsequently working 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 in an advisory role and assist Vachris during the transition. Jelinek will continue serving on Costco’s Board of Directors and stand for reelection at its January 2024 annual meeting.
Costco operates 861 warehouses, including 591 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, five in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden.
Photos Costco
