Investing
Costco operations chief Vachris to become CEO as Jelinek exits
© Reuters. Customers queue to enter a Costco Wholesalers in Chingford, Britain March 15, 2020. REUTERS/John Sibley/Fil ephoto
(Reuters) -Costco Wholesale said on Wednesday CEO Craig Jelinek would step down from his role by the end of the year and be succeeded by operations head Ron Vachris.
Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1 as part of a “long-standing” succession plan, said the membership-only retailer.
He started off as a forklift driver at Costco (NASDAQ:) and has held several major roles at the retailer including overseeing merchandising, before becoming COO in 2022.
Jelinek, who became CEO in 2012, will remain at Costco through April 2024, serving in an advisory role, and will continue to serve on the board and stand for reelection at the January 2024 annual meeting.
He is stepping down from the top job after years of strong sales growth seen at the company, especially through the pandemic, as shoppers switched to more affordable options for daily essentials.
Last month, Costco surpassed market estimates for quarterly revenue and profit and saw a nearly 8% rise in total paid household members at the end of the fourth quarter.
Shares of the company were down marginally in after-hours trading on Wednesday.
Read the full article here
-
Side Hustles5 days ago
Mark Zuckerberg Is Now Second Richest Person in the World
-
Investing5 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles6 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles6 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles5 days ago
Meta Previews Movie Gen, AI Tools That Turn Dreams to Videos
-
Investing3 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Passive Income6 days ago
How AI-Driven Personalization Is Transforming the Retail Industry
-
Investing5 days ago
BCA says investors should fade the real estate rally By Investing.com