Costco CEO to step down on Jan. 1

Costco CEO Craig Jelinek is stepping down as CEO, the company announced Wednesday. His last day will be Jan. 1.

Issaquah-based Costco’s board of directors selected Ron Vachris, the company’s president and chief operating officer, as the next CEO.

“This is the culmination of the long-standing succession plan that Craig has discussed with the Board,” Costco said in a statement.

After stepping down as CEO, Jelinek will remain with Costco until April in an advisory role assisting Vachris with the transition.

Jelinek will also stay on the board and stand for reelection at the company’s annual meeting in January.

Jelinek was selected as CEO in 2012 after Costco co-founder James Sinegal stepped down.

At the time, Jelinek was the company’s chief operating officer and president.