In January, Costco's CEO will leave, giving the retailer's current president leadership of the company

Costco revealed on Wednesday that W. Craig Jelinek, the company's CEO, will retire in January. The company's president, Ron Vachris, who has worked for Costco for more than 40 years, will succeed him.

Since 2012, Jelinek has served as the chain's CEO, succeeding Costco co-founder James Sinegal. The warehouse chain is exclusive to members.

Vachris began his career at Costco operating forklifts before moving up to management. He has worked in every significant capacity associated with Costco business operations and merchandising, according to the Issaquah, Washington-based company.

Jelinek will continue to serve on the Costco board and be employed by the company through April in an advisory capacity.