Costco Wholesale
Ron M. Vachris has been a director of the Company since February 2022. He has served as President and Chief Operating Officer of the Company since February 2022. Mr. Vachris has been elected President and Chief Executive Officer effective January 1, 2024. Mr. Vachris previously served as Executive Vice President of Merchandising from June 2016 to January 2022, as Senior Vice President of Real Estate Development from August 2015 to June 2016, and Senior Vice President, General Manager of the Northwest Region, from 2010 to July 2015. He spent the previous 28 years in various management positions in warehouse operations. Mr. Vachris’s qualifications to serve on the Board include his extensive knowledge of the Company’s business developed over the course of his long career with the Company, particularly in the areas of operations and merchandising.
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Costco Wholesale
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Originally named "Price Club" in 1976, Costco started out by serving small businesses while additionally targeting a selected audience of non-business members. Because of their specific strategy, they quickly became successful. Today, they are one of the largest retailers in the world and retailer of choice for speciality items. Costco is a membership warehouse club that strives to bring the best possible prices on quality brand-name merchandise. Costco has more than 800 locations worldwide. They are a multi-billion dollar global retailer operating in 8 countries. Costco provides a wide selection of merchandise such as appliances, baby products, beauty products, clothing, luggage, handbags, computers, electronics, and any other household item you can think of. Within their core merchandise categories or core business, they offer food and sundries, non-foods, and fresh foods. Within their Warehouse Ancillary business, they offer gasoline, pharmacy, optical, food court, hearing aids, and tire installation. Other businesses include e-commerce, business centers, and travel. Most notably is there Kirkland Signature brand, Costco's trademark private-label brand. They only use this brand on merchandise sold through their website or warehouses. This brand came at a time where they recognized the need for quality goods at budget-friendly prices. However, most of these brands are manufactured by national brands such as Starbucks, Ocean Spray, Niagara, and Humboldt Creamery. They operate membership warehouses and e-commerce websites with a limited selection of nationally-branded and private-label products in a wide range of categories. By keeping these products at a low price, they are able to produce high sales volumes and rapid inventory turnover.