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A Costco Wholesale warehouse sign is seen outside of a store in Silver Spring, Maryland, on August 5, 2023
Mandel Ngan | Afp | Getty Images
Costco‘s longtime CEO Craig Jelinek is stepping down from the company, after the warehouse club’s spree of pandemic- and inflation-fueled growth.
The company said Wednesday that Ron Vachris, the company’s chief operating officer, will succeed him. The change will take effect on Jan. 1.
In a news release, Costco said the two executives have worked together over nearly the past two years. It described the move as “the culmination of the long-standing succession plan.”
Shares were flat on the news in after-hours trading. So far this year, the company’s stock has shot up by 26% — outperforming both the gains of the S&P 500 and most other publicly traded retailers.
Jelinek has been at the helm of the warehouse club since January 2012.
This is breaking news. Please check back for updates.
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