Costco CEO Jelinek to step down; Vachris will take over
Oct 18, 2023, 2:23 PM | Updated: 2:25 pm
Costco is now selling silver coins. (Photo: Toby Scott, Getty Images)
(Photo: Toby Scott, Getty Images)
Costco Wholesale Corporation announced Wednesday that Craig Jelinek will step down as Chief Executive Officer, effective Jan. 1, 2024.
The company’s board of directors has elected Ron Vachris, president and chief operating officer since February 2022, as the new president and chief executive officer, effective on the same day Jelinek will step down.
“Costco has a very strong culture and a deep bench of management talent,” Jelinek said in a statement. “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.”
In a media release from Costco, the company called the move “the culmination of the long-standing succession plan that Craig has discussed with the board.”
Vachris has worked for the company for over 40 years, starting as a forklift driver, and subsequently serving in every major role related to Costco’s business operations and merchandising activities.
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Jelink will remain with Costco through April 2024, serving in an advisory role.
Costco said operates 861 warehouses, including 591 in the United States and Puerto Rico, as of Aug. 26.
