Retail News Breaks
Costco COO to retire next month
May 6th, 2010
ISSAQUAH, Wash. – Dick DiCerchio, senior executive vice president and chief operating officer at Costco Wholesale Corp., plans to retire early next month.
The wholesale club chain said late Wednesday that DiCerchio's retirement will be effective June 4. He will remain a member of Costco's board.
"Dick has made invaluable contributions to the growth of our company, having spent 27 years in all facets of our operations, culminating with his positions as senior executive vice president and a member of the board of directors," Costco chief executive officer Jim Sinegal said in a statement. "Under his leadership, the company has trained and developed a broad and deep team of executives across the globe. [Chairman] Jeff Brotman, I, our board of directors and our employees are deeply grateful to Dick for all his contributions to our success and wish him a healthy and productive retirement."
In February, Costco had appointed Craig Jelinek as president and COO as part of a leadership realignment. Jelinek, previously executive vice president in charge of merchandising, also was named to join the board.
Also with that move, Costco formed an Office of the President including Sinegal, Brotman, DiCerchio and Jelinek, through which the four executives would coordinate on major company matters.
At the time, some industry analysts said that the promotion of Jelinek gave a peek at the Costco's CEO succession strategy.
The retailer currently operates 567 warehouses, including 414 in the United States and Puerto Rico, 77 in Canada, 21 in the United Kingdom, seven in Korea, six in Taiwan, nine in Japan, one in Australia and 32 in Mexico. Plans call for up to six new warehouses to open before the end of Costco's fiscal year on August 29.
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