Costco’s CEO Set to Retire After 11 Successful Years Leading the Popular Wholesaler

Costco’s CEO, Craig Jelinek, will be stepping down from his position after serving as the head of the popular wholesale retailer for 11 years. Under Jelinek’s leadership, Costco witnessed significant growth and success, expanding its membership base and increasing its revenue. While Jelinek’s reasons for leaving have not been disclosed, he will continue to serve as an advisor to the company. The search for his successor is currently underway, and Jelinek will work closely with the new CEO to ensure a smooth transition. Costco is known for its bulk products and competitive pricing, attracting millions of loyal customers worldwide..

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Storch Advisors Restaurants CEO Gerald Storch argues Amazon Prime Day will see success despite ‘exhausted’ consumers and analyzes Costco’s success despite record-high inflation.

Costco Wholesale Corporation said that Craig Jelinek has “confirmed” his intention to step down as chief executive on Jan. 1, with the board electing Ron Vachris, the retailer’s president and chief operating officer, as its new CEO.

Costco said in a news release Wednesday that the changeover was “the culmination of the long-standing succession plan that Craig has discussed with the board.”

Vachris is a Costco veteran who started with the company over 40 years ago as a forklift driver and has worked his way up into management, it said.

Costco Wholesale Corp. said CEO Craig Jelinek will step down on Jan. 1. (Eric Thayer/Getty Images/File/Fox News / Getty Images)

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Jelinek, who has been at the helm of the warehouse club since January 2012, said that he has “total confidence” in his successor.

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“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.”

Craig Jelinek, president and CEO of Costco Wholesale Corp. (Stefani Reynolds/The New York Times/Bloomberg via Getty Images/File / Getty Images)

Jelinek will remain with Costco through April in an advisory role to assist Vachris through the transition.

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The company, which operates 861 warehouses, said its board had declared a quarterly cash dividend of $1.02 per share.

Costco Wholesale Corporation did not immediately respond to Fox News Digital’s request for comment.

CEO Gerald Storch of Storch Advisors Restaurants predicts that Amazon Prime Day will still be successful, despite consumers feeling “exhausted.” He also discusses the success of Costco, noting that CEO Craig Jelinek will step down on January 1, with Ron Vachris appointed as the new CEO. The transition was part of a long-standing succession plan, and Jelinek expressed confidence in his successor. He will continue to advise Vachris through April. Costco operates 861 warehouses and has declared a quarterly cash dividend of $1.02 per share. The company did not provide further comment.

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