Costco Promotes Ron Vachris to President and Chief Operating Officer
ISSAQUAH, WA - A carefully planned succession strategy was carried out by Costco last week. The company announced in an 8-K filing that Ron Vachris stepped up as President and Chief Operating Officer and will additionally serve in a newly created role on the company’s Board of Directors. He succeeds Craig Jelinek, who will continue to serve as Chief Executive Officer and Board Member.
Vachris is a veteran of the retail industry, having joined Costco in 1993 when the company merged with Price Club, and holding the role of Executive Vice President and Chief Operating Officer, Merchandising since 2016. Previously, he served as Senior Vice President, Real Estate Development, beginning in August 2015, after occupying the position of Senior Vice President, General Manager, Northwest Region since 2010, the 8-K filing stated. He began his time with Price Club in 1982, according to Crunchbase.
The news comes as Craig Jelinek carries out the company’s succession plan by focusing on the role of CEO.
As reported by Bloomberg, this announcement poses Vachris to succeed Jelinek as CEO once he enters retirement.
The news source stated that Jelinek has held the role of CEO for 10 years and has driven incredible growth for the company. Prior to his current role, he served as President and COO, and according to his LinkedIn, he also previously held the role of Executive Vice President.
Further details of Costco’s succession plan were not disclosed in the 8-K filing.
We at ANUK will keep an eye out for new reports surrounding Costco’s executive leadership.
