A Costco Wholesale warehouse sign is seen outside of a store in Silver Spring, Maryland, on August 5, 2023Costco 's longtime CEO Craig Jelinek is stepping down from the company, after the warehouse club's spree of pandemic- and inflation-fueled growth.
The company said Wednesday that Ron Vachris, the company's chief operating officer, will succeed him.
In a news release, Costco said the two executives have worked together over nearly the past two years.
So far this year, the company's stock has shot up by 26% — outperforming both the gains of the S&P 500 and most other publicly traded retailers.
Jelinek has been at the helm of the warehouse club since January 2012.
Persons:
Craig Jelinek, Ron Vachris, Jelinek
Organizations:
Costco Wholesale, Costco
Locations:
Spring , Maryland