Costco CEO started his career as a forklift driver

At No. 12 on the Fortune 500, Costco is led by CEO Ron Vachris who has been at the company for more than 40 years.

Transcript

00:00Costco CEO Ron Vacris began his career over 40 years ago as a teenage forklift driver.

00:06After a little over one year into his tenure as chief executive,

00:09Vacris is already driving the company to higher revenues.

00:13The wholesaler sits at number 12 on this year's Fortune 500, raking in $254 billion.

00:19Vacris is only the third CEO in Costco's history.

00:22Over the decades, he's held a number of positions at the company,

00:26including Chief Operating Officer, Executive Vice President of Merchandising,

00:30and Senior Vice President of Real Estate Development.

00:32As CEO, Vacris received a $12.2 million compensation package,

00:37which includes a base salary of $1.1 million, $10.5 million in stock awards,

00:43and perks like a free executive Costco membership.

00:46Looking ahead, Vacris plans to invest more in e-commerce and technology.

00:50Costco has already launched Buy Now Pay Later options on its website

00:53and is seeing strong growth in its Costco Next program,

00:57which lets consumers buy name brands at affordable prices.