Costco announces management change, CEO to retire

Craig Jelinek, the CEO of Costco Wholesale (NASDAQ: COST), is set to step down from his position effective January 1, the company announced today.

In his place, the company's board has elected Ron Vachris, who has been serving as the president and COO since February 2022, to take over as the new president and CEO.

"Costco has a very strong culture and a deep bench of management talent," said Craig 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."

This transition in leadership is part of a long-standing succession plan that Jelinek had discussed with the board, it is said. Under his leadership, Costco has continued to be a prominent player in the retail industry.

Costco's stock price reached a fresh 52-week high on Wednesday. The stock was unchanged on the news.

By Senad Karaahmetovic

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