Costco CEO Craig Jelinek to step down Jan. 1. COO Ron Vachris will take over
Publishing timestamp: 2023-10-18 17:26:30
Summary
Costco's CEO Craig Jelinek is stepping down and will be replaced by Ron Vachris, the company's chief operating officer. Costco has experienced sales growth due to pandemic pantry-loading, inflation, and millennials moving to suburbs. The change in leadership is part of a long-standing succession plan. Costco's stock has performed well this year, outperforming other retailers. The company's sales have remained strong, although there has been a decrease in discretionary categories. Vachris, the incoming CEO, has been with Costco for over 40 years. Jelinek will stay in an advisory role until April and remain on the board of directors. The company also announced a quarterly cash dividend on its common stock.
Sentiment: NEUTRAL
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