Costco Wholesale Corp. said Chief Executive Officer Craig Jelinek will step down after over a decade at the helm of the wholesaler. COO Ron Vachris is stepping in to lead the company.
Costco Wholesale Corporation said that Craig Jelinek has "confirmed" his intention to step down as chief executive Jan. 1, with the board electing Ron Vachris, the retailer's president and chief operating officer, as it's new CEO. Costco said in a press release Wednesday that the changeover was "the culmination of the long-standing succession plan that Craig has discussed with the board.
COSTCO QUICKLY SELLING OUT OF GOLD BARS LISTED ON WHOLESALER'S WEBSITE: 'IMPECCABLE QUALITY' "Costco has a very strong culture and a deep bench of management talent," Jelinek said. "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 to assist Vachris through the transition.
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