The warehouse club has benefited from sales growth, fueled by pandemic pantry loading, inflation and millennials moving to the suburbs.
's longtime CEO Craig Jelinek is stepping down from the company, after the warehouse club's spree of pandemic- and inflation-fueled growth.
The company said Wednesday that Ron Vachris, the company's chief operating officer, will succeed him. The change will take effect on Jan. 1. In a news release, Costco said the two executives have worked together over nearly the past two years. It described the move as"the culmination of the long-standing succession plan."Sign up for NBC DFW newslettersShares were flat on the news in after-hours trading. So far this year, the company's stock has shot up by 26% — outperforming both the gains of the S&P 500 and most other publicly traded retailers.This is breaking news. Please check back for updates.
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