Ron Vachris, who has worked for Costco for over 40 years, began working for the grocery outlet as a forklift driver. During his time at the company, he performed every major role related to its business operations and merchandising activities. Vachris will assume the position currently held by CEO Craig Jelinek, the company announced in a press release.
“Costco has a very strong culture and a deep bench of management talent,” Jelinek said. “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.”
Since February 2022, Vachris has worked as Costco’s president and chief operating officer. Amid the transition of CEOs, Jelinek will serve in an advisory role to assist Vachris in the new position.
Jelinek will continue to serve on Costco’s board of directors; he will also stand for reelection at the company’s January 2024 annual meeting.
The announcement of Vachris’s appointment as CEO comes after Costco saw its total number of paid household members go up by almost 8% at the end of the reported quarter; the company’s income from membership fees also went up by 13.7% to $1.51 billion.