Costco prepares for CEO switch up

A leadership change is slated for Issaquah-based Costco by the end of 2023 as CEO Craig Jelinek plans his exit from the job.

Jelinek will officially step down on Jan. 1, 2024. Ron Vachris will then step into the role and oversee Costco's 861 warehouses worldwide. Vachris has been Costco's president and chief operating officer since 2022, but has been with the company for 40 years.

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According to a company statement, the switch is part of a "long-standing succession plan" that has been in the works.

Jelinek is not going far. He plans to remain with the company as an advisor through April 2024. He will also be on Costco's board of directors.

"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."

This leadership change is a repeat of the last time Costco switched CEOs. Jelinek moved into the CEO job in 2012, after serving as the company's president and chief operating officer, just as Vachris is about to do. Jelinek became CEO, after Costco's founder, Jim Sinegal, left the role on Jan. 1 of that year. Sinegal also stayed on as an advisor and member of the board. He stepped down from the board in 2018.

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