Overview

• Costco's CEO, Craig Jelinek, is stepping down after 11 years in the position and will be replaced by the current president and COO, Ron Vachris, starting January 1, 2024.
• Both Jelinek and Vachris have a long history with Costco, having started at the company in the early 1980s, and working their way up through various leadership roles.
• Under Jelinek's leadership, Costco grew into a $254 billion retail giant, with share prices rising 30% less than two years after he took the top job and five-fold thereafter.
• Vachris has been with Costco for over 40 years, starting off as a forklift driver and taking on major roles in merchandising and operations before becoming COO in 2022.
• Jelinek advocated for raising the federal minimum wage and maintaining affordable benefits for Costco employees, while also keeping membership prices consistent.