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Costco Will Transition CEOs

Costco shared Thursday that Craig Jelinek will step down as CEO at the end of the year. The board of directors has elected Ron Vachris, president and chief operating officer since February 2022, as president and CEO, effective January 1, 2024.

The announcement is the culmination of the long-standing succession plan that Jelinek has discussed with the board, according to Costco.

Vachris is a Costco veteran with over forty years of service to the warehouse club, 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 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."

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 and will stand for reelection at the January 2024 annual meeting.

Costco currently operates 861 warehouses, including 591 in the U.S. and Puerto Rico, 107 in Canada, and 40 in Mexico.

Related: Target Unveils Transition Plan; Rite Aid to Close 154 Stores