Wholesale retail chain Costco’s longtime CEO Craig Jelinek is set to step down from his position at the end of 2023, the company announced Wednesday.
Jelinek served as Costco’s CEO since 2012 and increased the company’s stock to five-times its valuation after taking reins of the retailer.
Costco’s current COO, Ron Vachris, will replace Jelinek at the end of his tenure.
The retailers’ shares remained stable following the leadership shift announcement.
