Costco Wholesale said longtime Chief Executive Craig Jelinek will step down after the holidays and hand over the role to his top deputy, who has also spent decades working at the warehouse retailing giant.
Ron Vachris, 58, the company’s president and chief operating officer, will take over in January, becoming just the second person to hold the Costco CEO job since the company’s co-founders.
His appointment was telegraphed when Vachris was elevated to the No. 2 role and joined the company’s board in 2022. Vachris started out as a forklift driver and has steadily climbed through the management ranks, including stints in merchandising and real estate.
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