Costco Wholesale said on Wednesday CEO Craig Jelinek would step down from his role by the end of the year and would be succeeded by operations head Ron Vachris.

The membership-only retailer said company veteran Vachris, who has been with the firm for over 40 years, will take on the role from Jan. 1.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Devika Syamnath)