Costco has promoted Ron Vachris to president and chief operating officer, effective February 2. The new position was confirmed in an 8-K filing with the Securities and Exchange Commission. The title of president had previously been held by Craig Jelinek, who will remain as CEO and a member of the board of directors of the Issaquah, WA-based club operator. Vachris, 56, will also join Costco’s board of directors.
Vachris had served as executive vice president and COO for merchandising since mid-2016. Prior to that, he held the post of senior VP-real estate from August 2015 to June 2016 and senior VP and general manager of the Northwest region from January 2010 to July 2015.
He began his career in retail with The Price Company in 1982, working in the company’s second location in Phoenix. He became part of the Costco organization through its integration with The Price Club in the wake of the companies’ 1993 merger.
Jelinek took over the CEO position from Costco co-founder Jim Sinegal in 2012. He had been with the company for 37 years at that point.
Trade observers have noted the lengthy tenures of Costco’s previous two CEOs when observing that this recent move might signal that Vachris could succeed Jelinek, 69, when the long-time executive decides to retire.
