Costco CEO Craig Jelinek to Step Down in January, Replaced by Veteran COO Ron Vachris

Costco CEO Craig Jelinek is stepping down after 11 years leading the wholesaler.

Jelinek will be succeeded by Ron Vachris, Costco's president and COO, starting Jan 1.

The transition is part of a long-standing succession plan, according to Costco.

Vachris is a 40-year Costco veteran that Jelinek says he has "total confidence" in.

Jelinek will stay on in an advisory role through April to assist with the transition.