ISSAQUAH, WA - Costco made a big announcement yesterday that caught the attention of our team at AndNowUKnow. The retailer announced that it has named Ron Vachris, President and Chief Operating Officer since February 2022, as its new President and Chief Executive Officer. He prepares to enter the role as current CEO Craig Jelinek plans to step down as of January 1, 2024.

Vachris is a Costco veteran with over 40 years of service to the company. He started his career with Costco as a forklift driver, and subsequently served in every major role related to the retailer’s business operations and merchandising activities.

According to a press release, Jelinek and Vachris have worked hand in hand over the last 21 months in Vachris’ role as President and for many years before that. This leadership transition is the culmination of the long-standing succession plan that Jelinek has discussed with the Board.

"Costco has a very strong culture and a deep bench of management talent," said Jelinek. "I have total confidence in Ron and feel that we are fortunate as a company to have an executive of his caliber to succeed me."

Jelinek will remain with Costco through April 2024, serving in an advisory role and assisting Vachris during the transition. Jelinek will also continue to serve on the Board of Directors and will stand for reelection at the January 2024 annual meeting.

Costco also announced that its Board of Directors has declared a quarterly cash dividend on Costco common stock of $1.02 per share. The quarterly dividend is payable November 17, 2023, to shareholders of record at the close of business on November 3.

As we wait to hear more news from the retailer, keep checking in with ANUK.

Costco