Craig Jelinek (pictured) has announced his plan to step down as CEO of Costco Wholesale Corporation, effective Jan. 1, 2024, after 11 years on the job.

Ron Vachris, who has been the discount club’s president and chief operating officer since February 2022, will become president and CEO. Vachris is a 40-year Costco veteran, who started as a forklift driver and has served in every major role related to Costco’s business operations and merchandising activities, the company said.

Jelinek will stay with Costco through April 2024 in an advisory role and to assist Vachris during his transition. Jelinek will also remain on the company’s board of directors.

(Photo courtesy of Costco)