- After 12 years in the position
- Ron Vachris taking over
- Jelinek kept it short and said 38 words
(exechange) — Issaquah, Washington State, October 18, 2023 — Craig Jelinek, chief executive of Costco, leaves his position. As announced by Costco Wholesale Corp. in a news release on Wednesday, October 18, 2023, W.Craig Jelinek leaves his post as chief executive officer at the retailer, after 12 years in the role, effective January 1, 2024.
Craig Jelinek’s duties as CEO will be taken over by Ron M. Vachris, currently President and Chief Operating Officer at Costco Wholesale Corp.
“Culmination of the long-standing succession plan”
The management change is explained as follows. Costco stated: “Craig and Ron have worked hand in hand over the last twenty-one months in Ron’s role as president and for many years before that. This is the culmination of the long-standing succession plan that Craig has discussed with the Board.”
Precise information regarding Craig Jelinek’s future plans was not immediately available.
“Step down”
Costco said: “Craig Jelinek has confirmed his intention to step down as Chief Executive Officer, effective January 1, 2024.”
Share price increase since October 2018
The announcement follows an increase in Costco Wholesale Corp.’s share price of 145% since October 2018.
In the position of CEO since 2012
Craig Jelinek became CEO of the Company in 2012.
Craig Jelinek will remain with Costco through April 2024, serving in an advisory role and assisting Ron during the transition.
Craig Jelinek will also continue to serve on the Board of Directors and will stand for reelection at the January 2024 annual meeting.
Jelinek has been a director of the Company since February 2010, and Chief Executive Officer since January 1, 2012.
Jelinek previously was President and CEO from January 2012 to February 2022, President and Chief Operating Officer from February 2010 until January 2012, and was Executive Vice President in charge of merchandising beginning in 2004.
He spent the previous twenty years in various management positions in warehouse operations.
38 words by Craig Jelinek
In announcing his departure, Craig Jelinek kept it short and said 38 words.
“We are fortunate”
Craig Jelinek stated: “Costco has a very strong culture and a deep bench of management talent. 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.”
Push-out Score for Craig Jelinek’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Craig Jelinek was pushed out or felt pressure to leave his position.
exechange reached out to Costco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 43.2023 ($).