What's Going On With Costco Stock After Hours?

Costco Wholesale Corp COST shares are bouncing around in Wednesday's after-hours session after the company announced a CEO transition.

What Happened: Craig Jelinek will step down from his role as Costco CEO, effective at the end of the year. President and COO Ron Vachris is set to take over as president and CEO on Jan. 1, 2024. 

The company said Jelinek and Vachris have worked together closely for the last 21 months. The CEO transition is the result of a succession plan that Jelinek had previously discussed with the board.

Jelinek will remain with Costco through April 2024, serving in an advisory role to Vacharis, who started working at Costco more than 40 years ago as a forklift driver. He has been president and COO since February 2022.

"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. 

Costco also announced that its board declared a quarterly cash dividend of $1.02 per share, payable Nov. 17 to shareholders of record as of Nov. 3. 

See Also: Mondelez, CVS Health, Shell And A Major Retailer On CNBC's 'Final Trades'

COST Price Action: Costo shares were volatile immediately following the announcement but were trading lower by 0.64% at publication time, per Benzinga Pro.

Photo: Mike Mozart from Flickr.