Advertisement

40-Year Costco Veteran to Take Reins as New CEO in 2024

Eduardo Barraza-stock.Adobe.com

Costco will replace departing CEO Craig Jelinek with Ron Vachris, who began with the retailer as a forklift driver more than four decades ago and is currently its President and COO. As part of a longstanding succession plan, Vachris will take the CEO title on Jan. 1, 2024; Jelinek will remain with Costco through April 2024 in an advisory role.

“Costco has a very strong culture and a deep bench of management talent,” said Jelinek in a statement. “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.”

The retailer also announced a quarterly cash dividend of $1.02 per share of common stock, payable Nov. 17, 2023. In May 2023 Costco delayed a planned membership fee hike, citing inflation’s impact on consumers as well as its growing member base.

Advertisement

Featured Event

Join the retail community as we come together for three days of strategic sessions, meaningful off-site networking events and interactive learning experiences.

Advertisement

Advertisement

Access The Media Kit

Interests:

Access Our Editorial Calendar




If you are downloading this on behalf of a client, please provide the company name and website information below: