Craig Jelinek, the longtime CEO of Costco, will step down at the end of the year. He will be replaced by Ron Vachris, the company's president and COO. Despite the news, Costco's stock remained relatively unchanged during after-hours trading, indicating that investors were not concerned. Jelinek has been the CEO since 2012 and during his tenure, the company's stock has increased significantly. Costco currently has 861 warehouses worldwide, with 591 in the United States, making it the third largest retailer in the US after Walmart and Amazon. In 2022, Costco had around 66 million paid members and 119 million cardholders, making it one of the largest membership clubs globally. Members pay an annual fee of either $60 or $120 to access Costco's clubs. Although Costco has not raised its membership fees since 2017, it may consider doing so in the near future. The membership model is crucial to Costco's business, which has thrived during the pandemic. The fees contribute to the company's profits and help offset expenses, enabling Costco to offer competitive prices in the retail industry.
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