Costco Wholesale Corp. said Chief Executive Officer Craig Jelinek is stepping down Jan. 1 and will be succeeded by Chief Operating Officer Ron Vachris.

Jelinek has been at the helm of Costco since 2012, and before that served as president and COO. The company’s shares have grown by more than 500% over his 11-year tenure, and revenue has more than doubled.

Vachris, who was elevated to the COO role in February 2022, was considered a leading candidate for the CEO role. He started at the company 40 years ago as a forklift driver and has subsequently served “in every major role related to Costco’s business operations and merchandising activities,” Costco said in a statement.

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