Costco Wholesale has announced the promotion of Ron Vachris to president and chief operating officer, with effect from 2 February.
The position was previously held by chief executive officer Craig Jelinek, who will retain his position and status as a board member.
Vachris joined Costco in 2010 and has held positions as the business senior vice president and general manager of Costco’s northwest region from 2010 to 2015.
He also held the position of senior vice president of real estate development from 2015 to 2016 and executive vice president and chief operating officer of merchandising since mid-2016.
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The promotion could signal a succession plan for current chief executive officer Craig Jelinek, according to published reports.
“This is not an official announcement of a CEO succession plan, but it implies a plan is taking shape,” Morgan Stanley analyst Simeon Gutman wrote in a research note cited in a report on Monday by financial journal Barron’s.
Jelinek has served as the company’s chief executive since 2012 when he succeeded co-founder Jim Sinegal.
The news comes after Costco reported strong January sales. Net sales rose 15.5% while total comparable-club sales climbed 14.2% worldwide.
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