He Costco CEO Craig Jelinek announced that he will leave his position on January 1 after 11 years in the position and 40 years with the company. Ron Vachris, the company’s chief operating officer, will replace him.
Costco said in a news release that the two executives have worked together for nearly the past two years on a “long-term succession plan.”
Costco CEO leaves brand in big moment
According to CNBC, the company’s shares have soared 26 percent so far this year.
Costco has grown its sales thanks to customers who filled their pantries more during the Covid-19 pandemic and looked for options to face inflation.
Vachris, the incoming CEO, began his career at Costco as a forklift driver. He has been with the company for more than 40 years.
Jelinek has led the warehouse club since January 2012. He will remain at Costco through April in an advisory capacity.
Who is Craig Jelinek?
Craig Jelinek joined Price Club in 1984, which later merged with Costco in 1993, forming what we know today as Costco Wholesale. He played several important roles in the company over the years. He was executive vice president of operations and president of Costco’s eastern region operations division before becoming the company’s president and CEO in 2012.
As CEO, Jelinek continued Costco’s tradition of leadership focused on customer satisfaction and long-term value creation. Under him, the brand maintained its focus on product quality, low prices and customer service, helping the company maintain a strong position in the retail industry.
Under his leadership, Costco continued its global expansion and steady growth. The company became one of the leading retailers in the United States and several other countries. Additionally, Costco stood out for its focus on sustainability and corporate social responsibility.
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