Costco CEO Jelinek Stepping Down

Costco CEO Craig Jelinek is stepping down from the wholesale club retailer’s top spot, effective January 1, 2024, the retailer announced on Thursday.

The company’s board of directors has elected Ron Vachris, president and chief operating officer since February 2022, as president and CEO, effective January 1, 2024. 

The retailer said Jelinek and Vachris have worked hand-in-hand over the past 21 months in Vachris' role as president. This is the culmination of the long-standing succession plan that Jelinek discussed with the board.

Vachris is a Costco veteran, with more than 40 years of service to the company, 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. "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. Jelinek will also continue to serve on the board of directors and will stand for reelection at the January 2024 annual meeting.