Costco announced on Wednesday that their CEO, Craig Jelinek, will be stepping down from his position effective January 1, 2024.
FILE - In this March 20, 2020 file photo, shoppers line up to enter a Costco store in Tacoma, Wash. Costco announced on Wednesday that their Chief Executive Officer , Craig Jelinek, will be stepping down from his position effective Jan. 1, 2024.
The Issaquah-headquartered company also announced that its Board of Directors has elected Ron Vachris, who currently serves as president and chief operating officer , as Jelinek's successor, which will also be effective at the start of the new year.that was released Wednesday this decision is "the culmination of a long-standing succession plan" that Craig has discussed with the board.
"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." The company also wrote that Craig will remain with Costco through April of 2024 while serving in an advisory role and assisting Vachris during the initial transition. Craig also plans to serve on the company's Board of Directors, with plans of standing for reelection at the January 2024 annual meeting, Costco wrote in their release.
Costco currently operates 861 warehouses, 591 of which are located in the United States and Puerto Rico. They also have locations in the following countries:Costco was founded in Seattle in 1983, and its headquarters is located in Issaquah.
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