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Costco chief stepping down come new year

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November 10, 2023

Craig Jelinek, Costco's CEO, will step down come Jan. 1 2024 and Ron Vachris will take the helm.

Vachris currently serves as the company's COO, according to a CNBC report. Jelinek has been CEO since 2012.

The two leaders have worked together over nearly the past two years, according to a Costco press statement which described the leadership change as "the culmination of the long-standing succession plan."

Vachris began his 40-year career at Costco as a forklift driver.