Costco CEO Stepping Down After Decade Of Quintupling Stock Price And Expanding To 800 Warehouses Worldwide

Longtime Costco CEO Craig Jelinek is stepping down at the end of 2022. He will be replaced by Ron Vachris.

Jelinek has been CEO since 2012. Costco's stock price has quintupled during his tenure.

Costco operates over 800 warehouses worldwide, with nearly 600 in the U.S. It's the 3rd largest U.S. retailer.

Costco has about 66 million paid members who pay annual fees for access to warehouses. Fees boost profits.

Membership fees, which haven't increased since 2017, allow Costco to keep prices low. The company may soon raise membership costs.