Costco Wholesale Corporation Announces Craig Jelinek Will Step Down as CEO, Ron Vachris Elected as New CEO

Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) announced today that Craig Jelinek has confirmed his intention to step down as Chief Executive Officer, effective January 1, 2024. The Board of Directors has elected Ron Vachris, President and Chief Operating Officer since February 2022, as President and Chief Executive Officer, effective January 1, 2024. Craig and Ron have worked hand in hand over the last twenty-one months in Ron’s role as president and for many years before that. This is the culmination of the long-standing succession plan that Craig has discussed with the Board.

Ron is a Costco veteran, with over forty years of service to the Company, starting as a forklift driver, and subsequently serving in every major role related to Costco’s business operations and merchandising activities. “Costco has a very strong culture and a deep bench of management talent,” said Craig Jelinek. “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.”

Craig will remain with Costco through April 2024, serving in an advisory role and assisting Ron during the transition. Craig will also continue to serve on the Board of Directors and will stand for reelection at the January 2024 annual meeting.

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