Costco CEO Craig Jelinek stepping down after 11 years of strong growth; promoted veteran Ron Vachris to take over

Costco CEO Craig Jelinek will step down by end of year after 11 years; Ron Vachris to take over

Jelinek oversaw strong sales growth during his tenure, with share price increasing 5-fold and revenues rising from $99B to $242B

Vachris started as forklift driver 40+ years ago, worked way up through management ranks

Costco recently said it won't raise yearly membership fees this year, breaking historical pattern

Costco adapting to consumer habits by adding more snacks and "smaller ticket indulgent items" to increase basket size