8-KLeadership Changes

COSTCO WHOLESALE CORP /NEW 8-K Report, Executive Changes (Sep 3, 2021)

Filed September 3, 2021For Securities:COST

Summary

Costco Wholesale Corporation (COST) announced a significant executive transition in its 8-K filing. Joseph Portera, Executive Vice President overseeing the Eastern and Canadian Divisions, will be retiring from the company effective January 30, 2022. Mr. Portera has served Costco for over thirty years, and the company acknowledged his substantial contributions to its success. In line with this transition, Yoram Rubananko, currently a Senior Vice President and General Manager of the Southeast Region, has been promoted to Executive Vice President. Mr. Rubananko will assume leadership for both the Northeast and Southeast Regions, effective September 27, 2021. His extensive tenure with Costco, dating back to 1988 across various operational roles, positions him to effectively manage these expanded responsibilities and report directly to President and CEO W. Craig Jelinek.

Key Highlights

  • 1Executive Vice President Joseph Portera, responsible for Eastern & Canadian Divisions, announced retirement effective January 30, 2022.
  • 2Costco expressed gratitude for Mr. Portera's over thirty years of service and contributions.
  • 3Yoram Rubananko promoted to Executive Vice President, Northeast and Southeast Regions.
  • 4Mr. Rubananko's promotion is effective September 27, 2021.
  • 5Mr. Rubananko has been with Costco since 1988 in various operational roles.
  • 6Mr. Rubananko will report directly to President and CEO W. Craig Jelinek.

Frequently Asked Questions

The primary reason for this 8-K filing is to announce the upcoming retirement of Joseph Portera, Executive Vice President of Eastern & Canadian Divisions, and the subsequent promotion of Yoram Rubananko to Executive Vice President, Northeast and Southeast Regions.

Joseph Portera's retirement will be effective on January 30, 2022.

Yoram Rubananko has been promoted to Executive Vice President and will oversee the Northeast and Southeast Regions, effective September 27, 2021. While not an exact one-to-one handover, this represents a significant expansion of his executive leadership within the company's divisions.

Yes, Yoram Rubananko has extensive experience with Costco, having been with the company in various operational positions since 1988.