Started from the bottom, now he's here—that's exactly how to summarize the rise of Costco's newest CEO, Ron Vachris.
Despite his current C-suite job, Vachris started out as a forklift driver over 40 years ago while working at the warehouse's predecessor, Price Club. (Price Club would go on to merge with Costco in 1993.)
His path to the top wasn't a straight shot, though; he worked his way through a number of positions at Price Club/Costco before taking over as CEO at the start of this year.
Earlier in his career, Vachris had the role of Assistant General Manager and then General Manager at Price Club. And more recently, he served as Senior VP in real estate and merchandise at Costco.
Salary-wise, the new CEO has come a longgg way from making $3 an hour as a part time forklift driver in 1982. According to Business Insider, this year alone Vachris will receive $11.5 million in compensation ($1.15 million base salary plus $10.4 million in stock). That's in addition to the 27,620 shares of Costco stock (roughly $18 million) that he already owns.
Although Vachris has only been CEO for five months, he's already garnered approval from fans thanks to his remarks on one controversial topic.
For months now, rumors have swirled about Costco possibly increasing the price of its famous $1.50 hot dog combo for the first time in 40 years. Much to our our relief, Vachris confirmed that the "$1.50 hot dog price is safe.” Thanks, boss!
