ISSAQUAH, Wash. (AP) — Costco $COST announced Wednesday that CEO W. Craig Jelinek will step down in January. He’ll be succeeded by the company’s president, Ron Vachris, who has been with Costco for more than 40 years.

Jelinek has been CEO of the members-only warehouse chain since 2012, when he took over from Costco co-founder James Sinegal.

Vachris started with Costco as a forklift driver and worked his way into management. The company based in Issaquah, Washington, said he has served in every major role related to Costco business operations and merchandising.

Jelinek will remain with the company through April in an advisory role and will continue as a member of Costco’s board.

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