Membership warehouse retail chain Costco Wholesales Corp. on Wednesday said that Craig Jelinek had “confirmed” his intention to step down as chief executive on Jan. 1.
The company said its board had elected Ron Vachris, who has been its president and chief operating officer since February 2022, as its new chief executive, effective on Jan. 1 as well. Costco COST, +0.05% said the changeover was “the culmination of the long-standing succession plan that Craig has discussed with the board.”
Jelinek will stay on at Costco through April in an advisory role to help Vachris with the leadership transition, the company said. Jelinek will also remain on the board and will be up for re-election at Costco’s annual meeting in January.Shares were up .02% after hours.