Costco CEO Craig Jelinek stepping down after a decade in the role

• Costco CEO Craig Jelinek will step down from the role at the end of this year, the company said.
• Jelinek was one of Costco's earliest hires and a protégé of co-founder Jim Sinegal.
• The incoming CEO, Ron Vachris, has worked with Costco for over 40 years, starting as a forklift driver.

Costco CEO Craig Jelinek will step down from the top job at the end of this year and hand over leadership of the wholesale club to Ron Vachris, the company's current president and chief operating officer.

"Costco has a very strong culture and a deep bench of management talent," Jelinek said in a statement on Wednesday. "I have total confidence in Ron and feel that we are fortunate as a Company to have an executive of his caliber to succeed me."

The transition caps off a decade in the role for Jelinek, who took over from co-founder Jim Sinegal in 2013. Prior to becoming CEO, Jelinek was one of Costco's earliest leadership hires, serving in roles ranging from director of regional operations to vice president of merchandising.

Vachris has worked with Costco for more than 40 years, starting as a forklift driver and rising through the ranks in all aspects of merchandising and operations, the company said.

Jelinek and Vachris worked "hand in hand" for nearly two years to ensure a smooth transition, the company said.

Costco currently operates 861 warehouses around the world, with 591 of those in the US.