COO Ron Vachris will succeed Jelinek starting Jan. 1.
Longtime CEO Craig Jelinek is stepping down at the start of next year, the company said Wednesday. He will hand over the reins to Chief Operating Officer Ron Vachris, another company veteran, as part of what Costco called a longstanding succession plan.
“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.” His trajectory is similar to Jelinek’s, who came on as a Costco warehouse manager in 1984 and subsequently moved through the ranks. Jelinek was also COO before being named CEO in 2012. Costco co-founder James Sinegal was CEO before him.
READ MORE Costco’s meticulous succession planning underscores why the company has earned the reputation of being one of the best-managed retailers around.
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