What: Costco is appointing a new leader coming from its own ranks.

Why it is important: The new president has a strong merchandising experience, which resonate as his appointment has been announced the same week when Walmart presents its new “store of the future” which aims to elevate the instore experience.

Costco has named Ron Vachris, 56, as president and COO of the company. He previously held the position of Merchandising COO at Costco which he joined in 2010, and before that, worked in the real estate industry.

The exiting president, W. Craig Jelinek, 69, will continue to serve as CEO and member of the company’s board of directors.

Costco increased sales by +18% in 2021, reaching a total turnover of $192bn and a net profit of $5bn. It currently operates 572 stores in the US and 828 globally.

Costco names new president and COO