Costco’s CEO steps down

Longtime Costco chief executive Craig Jelinek will step down at the end of the year, the company said Wednesday.

Ron Vachris, Costco’s president and chief operating officer, will replace him.

Costco’s stock was little changed during after hours trading Wednesday, a sign investors were unfazed.

Jelinek has been Costco’s CEO since 2012. The company’s stock has increased five-fold during his tenure.

Costco has 861 warehouses in the world, including 591 in the United States. The company is the third largest US retailer behind Walmart and Amazon.