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The membership-only retailer said company veteran Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1.
Vachris started off as a forklift driver at Costco and has held several major roles at the retailer including overseeing merchandising before becoming COO in 2022.
Jelinek, who took on the role of CEO in 2012, will remain at Costco through April 2024 and will continue to serve on the board and stand for reelection at the January 2024 annual meeting.
He is stepping down from the role after years of strong sales growth seen especially through the pandemic, as shoppers switched to more affordable options for daily essentials.
Last month, Costco surpassed market estimates for quarterly revenue and profit and saw a nearly 8% rise in total paid household members at the end of the fourth quarter.
Shares of the company were down marginally in after-hours trading on Wednesday.
