Costco Promotes Executive, Creates Office of President

Costco Wholesale Cor. has appointed Craig Jelinek, current Costco executive vp in charge of merchandising, to president and chief operating officer, effective immediately. Jelinek has served in his current vp post since 2004, and before that, spent 20 years in various management positions in warehouse operations.

The Issaquah, Wash.-based company also created a newly formed office of the president, which includes ceo Jim Sinegal, chairman Jeff Brotman, senior executive vp Dick DiCerchio and Jelinek. The four executives will “coordinate on major company matters,” reports Reuters.

Analysts say the moves signal that Costco is planning for the eventual retirement of Sinegal, who turned 74 on January 1. “There have been questions for years surrounding the succession plans at Costco, and this announcement goes a long way in answering these questions,” Janney Montgomery Scott analyst David Strasser wrote in a research note.

In related news, the U.S.’s largest warehouse club operator is reportedly planning to invest more than $900 million in Taiwan for expansion, including setting up a new distribution center and more stores, a government official announced on Tuesday.