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Posted 20 October, 2023

COSTCO WHOLESALE CORP /NEW appointed Ron Vachris as new CEO

Nasdaq:COST appointed new Chief Executive Officer Ron Vachris in a 8-K filed on 20 October, 2023.


  The Board of Directors has elected Ron Vachris, currently President and Chief Operating Officer, as President and Chief Executive Officer effective January 1, 2024.  

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Overview of COSTCO WHOLESALE CORP /NEW
Retail/Wholesale • Mixed Retailing
Costco Wholesale Corp. engages in the operation of membership warehouses through wholly owned subsidiaries. It operates through the following geographical segments: United States, Canada, and Other International Operations. The company was founded by James D. Sinegal and Jeffrey H. Brotman in 1983 and is headquartered in Issaquah, WA.
Market Cap
$337B
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COSTCO WHOLESALE CORP /NEW by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 18, 2023, the Company announced Craig Jelinek's intention to step down as Chief Executive Officer, effective January 1, 2024. The Board of Directors has elected Ron Vachris, currently President and Chief Operating Officer, as President and Chief Executive Officer effective January 1, 2024. Mr. Jelinek will remain an employee through April 2024, serving in an advisory and transition role. Mr. Jelinek will remain a member of the Board of Directors and will stand for re-election at the annual meeting in January 2024.

On October 11 and 17, 2023, the Compensation Committee of the Company's Board of Directors determined the compensation arrangements for Mr. Vachris in his new position. For fiscal 2024 he will receive an annual base salary of $1,150,000 and an award of RSUs with a value of $10.4 million at October 20, 2023. The grant will be subject to performance conditions that will be set in November 2023. He will also be eligible to receive a bonus under the Fiscal 2024 Executive Bonus Plan and will continue to receive his current employee benefits. 

A copy of the press release is attached as Exhibit 99.1.