Longtime Costco chief executive Craig Jelinek will step down at the end of the year, the company said Wednesday. Ron Vachris, Costco’s president and chief operating officer who started at the company 40 years ago driving forklifts, will replace him. Costco’s stock was little changed during after hours trading Wednesday, a sign investors were unfazed. Jelinek, 71, has been Costco’s CEO since 2012, taking over for one of Costco’s co-founders. Costco members pay either $60 for a regular membership or $120 for an executive card every year to shop at clubs.

Source: CNN October 18, 2023 21:31 UTC