Costco's CEO Craig Jelinek to Step Down, COO Ron Vachris to Take Over

Costco CEO Craig Jelinek will step down at the end of the year, with Ron Vachris, the company's president and COO, set to replace him. Jelinek has been CEO since 2012, overseeing a five-fold increase in the company's stock. Costco, the third largest US retailer, operates 861 warehouses worldwide and has a membership model with around 66 million paid members and 119 million cardholders. The company has not raised its membership fees since 2017 but may do so soon. Costco's membership model has been crucial to its success, helping boost profits and maintain low prices.