Costco names new COO

ISSAQUAH, Wash. Costco has named Craig Jelinek president and COO, effective immediately. Jelinek previously was EVP in charge of merchandising, a position he has held since 2004. He spent the previous twenty years in various management positions in warehouse operations.

Jim Sinegal will continue as CEO of the company. Sinegal, together with chairman of the board Jeff Brotman, Senior EVP Dick DiCerchio and Jelinek, will form an office of the president, through which the four will coordinate on major company matters.

Sinegal stated: "We are excited about Craig's elevation to his new role. He is a highly seasoned retail executive, with more than 25 years' experience at our company and more than 35 years' experience in the industry. We look forward to his participation in a broader range of decisions as we move the company forward."