W. Craig Jelinek served as chief executive officer of Costco Wholesale Corp. (COST) -) from 2012 until his retirement at the end of 2023, topping off almost four decades of employment at America’s favorite big-box retailer. He helped build Costco into the largest wholesale club in the U.S., with annual sales exceeding $230 billion — not including revenue from membership fees — by the time he stepped down.
Over the years, Jelinek was awarded restricted stock units (RSUs) as part of his compensation for meeting performance targets. As those RSUs vested, his stockholdings in Costco have made him a millionaire many times over.
How much Costco stock does Jelinek own, and what is his net worth?
Related: How much does Costco pay? From cashier to forklifter to CEO
Who is W. Craig Jelinek?
W. Craig Jelinek, whose first name is Walter but who goes by Craig, was born in 1952. From January 2012 until the end of 2023, Jelinek served as Costco’s CEO. Ron M. Vachris succeeded Jelinek as CEO on Jan. 1, 2024.
Jelinek will remain with Costco through April 2024, serving in an advisory role and assisting Vachris in the transition. Jelinek will also continue to serve as a member of the board of directors and will seek reelection.
What was W. Craig Jelinek’s salary as Costco CEO?
Jelinek started out as a warehouse manager in 1984 during Costco's early stages, and in the subsequent 20 years served in various management positions in warehouse operations. He was appointed executive vice president and chief operating officer for merchandising in 2004. Jelinek was president and chief operating officer from February 2010 to December 2011, and served as president until February 2022, when Vachris took over.
In his last year as CEO, Jelinek was the highest-paid employee at Costco with a base salary of $1.15 million and a target bonus of $600,000.
As a non-employee director, Jelinek would be compensated for serving on the board as well as receiving RSUs. In Costco’s fiscal 2023, a non-employee director earned $37,000 and was awarded RSUs valued at $270,000.
What is W. Craig Jelinek’s net worth?
Jelinek’s net worth is largely tied to his stockholdings in Costco. Shortly before taking over as CEO in 2012, he owned around 160,000 common shares in the company. Compensation during his tenure in the following decade included awards of even more stock.
According to a December 2023 filing with the Securities and Exchange Commission — just days before he marked his retirement at 71 years old — Jelinek held 389,635 Costco shares. His net worth was at least $252 million based on the value of his shares in early January 2024, making him one of the wealthiest former CEOs in the U.S.
Still, Jelinek left Costco with fewer shares than his predecessor. James D. Sinegal held 2 million shares by the time he stepped down as CEO of Costco at the end of 2011, based on an SEC filing. And by comparison, Vachris, as incoming CEO, held about 27,000 shares in late 2023.
A real-time capture of former Costco CEO W. Craig Jelinek’s wealth based only on his stake in Costco can be found here.
How did Costco perform under W. Craig Jelinek as CEO?
In its fiscal year 2023, Costco reported net income of $6.3 billion on revenue of $242 billion. That compared to a profit of $2 billion and revenue of $105 billion in 2013, Jelinek’s first full year as CEO.
Costco’s stock rose from around $80 in early January 2012, when Jelinek took over as CEO, to around $660 at the end of 2023, when he retired — representing a more than eightfold increase. That meant a $10,000 purchase in Costco stock when Jelinek took the helm as CEO would have grown into $82,500 by the time he stepped down.
When Jelinek took control as the top executive in 2011, Costco operated around 590 warehouses in the U.S. and a few other countries. He expanded operations over the years, further increasing the company’s presence globally to over 860 warehouses in the U.S. and more than a dozen countries upon retirement.
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