Costco Wholesale Corporation CEO Craig Jelinek has confirmed his intention to step down from his role, effective January 1.

The company’s board has appointed current president and COO Ron Vachris as the next president and CEO starting on January 1.

“I have total confidence in Ron and feel that we are fortunate as a company to have an executive of his caliber to succeed me,” Jelinek said.

Jelinek will continue to serve the company in an advisory role and assist in Vachris’ transition to the new role through April.

He will also remain on the board and stand for re-election at the annual meeting.