And that's why I'm here tonight supporting President Obama.". Submit a correction suggestion and help us fix it! The median Fortune 100 CEO brought home $9.3 million, however.

"This is not altruistic," Sinegal told The New York Times in 2005 about Costco's wages and benefits plans, which the paper called generous. "When Costco president W. Craig Jelinek once complained to Costco co-founder and former CEO Jim Sinegal that their monolithic warehouse business was losing money on their famously cheap $1.50 hot dog and soda package, Sinegal listened, nodded, and then did his best to make his take on the situation perfectly clear. Sinegal's neighbors include former Microsoft CEO Steve Ballmer, who owns $9.8 million and $12 million homes nearby, and department store heir and former Seattle Seahawks owner John Nordstrom, per Realtor.com. The project's full donor list reads like a who's-who of the Seattle chapter of the three comma club — former Microsoft CEO Steve Ballmer, Amazon CEO Jeff Bezos, Schmidt, and Microsoft CEO Satya Nadella all chipped in, according to The Seattle Times. Companies House Companies House does not verify the accuracy of the information filed (link opens a new window) Sign in / Register. [1][14] Sinegal has hosted President Barack Obama at his home on two separate occasions. Sinegal lives in a waterfront mansion in Hunts Point on Lake Washington, according to Realtor.com. The new company, named PriceCostco, Inc., focused heavily on international expansion, opening stores in Mexico, South Korea, and England. Amazing Boss Alert: This CEO Funds Employees' Life Milestones. The couple has also made numerous gifts to fund scholarships at their alma mater, San Diego State University. After discovering a passion for retail in college, Jim Sinegal cofounded Costco and built it into one of the largest retailers on the globe, while largely staying out of the limelight himself. It's easy to get corrupted if you're not paying attention on a daily basis.". Sinegal also wears clothes from Costco's Kirkland brand and is "obsessed" with Kirkland products, he told students during a speech at San Diego State University in 2019. Club were similar in size with about $8 billion each in annual sales and the Sinegal was born into a working class family in Pittsburgh. Sinegal also wears clothes from Costco's Kirkland brand and is "obsessed" with Kirkland products, he told students during a speech at San Diego State University in 2019. Costco merged with rival Price Club in 1993 to form the chain we know today, Business Insider previously reported. Former Vice President Joe Biden poses with his Costco card and Jim Sinegal (right) at a Costco store in Washington, DC, in 2012. Sinegal has hosted President Barack Obama at this home twice. An often retold story about Sinegal depicts the former CEO discovering that Costco paid 88% of employee's health care expenses, just short of the 90% the company had previously committed to. Washington Post's Jena McGregor wrote ahead of Sinegal's retirement in 2011 that it was hard to imagine anyone with less pretense, more discipline or more integrity leading a major corporation today. It is available online at, “ . "You earn a reputation for ethical practice by being consistent and avoiding arrogance. Jelinek had worked with Sinegal since the cofounder's FedMart days and joined Costco just months after the first location opened. Costco cofounder and former CEO Jim Sinegal addresses the Democratic National Convention in 2012. Customers know they will find really cheap stuff at Costco. Sinegal, through Costco, provided his employees — at every level of the company, including the stores — compensation and benefits that are much higher than retail industry norms. Costco IS an amazing company...Mr Sinegal would be the first one to tell you he didn't do it alone! Sinegal not only reimbursed employees for the extra 2%, but added stock directly into their 401ks so it wouldn't be taxed, according to The Washington Post. “My approach has always been that value trumps everything. Meet Costco's multimillionaire cofounder Jim Sinegal, a Democrat megadonor who was only paid a third of the average CEO's salary during his time leading the wholesale retailer. Sinegal turned Costco into one of the most popular discount warehouse in the U.S. Costco offers a wide range of services which spans from selling fresh fruits to offering eye care, clinics and pharmacies. Despite building one of the largest retail chains in America, Sinegal consistently earned less than other CEOs throughout his career at Costco and believes it's "wrong" for companies to have huge wage gaps between executives and other employees. By 2018, that stake was worth $263.2 million, The Seattle Times reported. A favorite quote attributed to Sinegal, in part about his philosophy on dealing with success, is, "You have to take the shit with the sugar." Jelinek had worked with Sinegal since the cofounder's FedMart days and joined Costco just months after the first location opened. The Costco cofounder wrote an email blast for the Obama campaign and donated $200,000 to groups supporting the former president, per The Washington Post. Costco CEO Jim Sinegal smiles at a reopening of a Costco store in Redwood City, California in October 2009. He was born January 1, 1936, into a Catholic working-class family in Pittsburgh, Pennsylvania. You earn a reputation for ethical practice by being consistent and avoiding arrogance. Sinegal lives in a waterfront mansion in Hunts Point on Lake Washington, according to Realtor.com. He prevented Costco from marking up the prices of its inventory more than 14% or 15% over its cost to the store, even if shoppers were accustomed to paying more elsewhere, The New York Times reported. From 1979 to 1983, he worked with Sinegal/Chamberlin and Associates, a company that acted as a broker and sales representative for food and non-food products. David Sinegal Sr. is an American businessman and the owner of the Sinegal Estate Winery in St. Helena, California. Sinegal observed, “The membership fee is a one-time pain, but it’s reinforced every time customers walk in and see forty-seven-inch televisions that are two hundred dollars less than anyplace else. Obama frequently mentioned shopping at Costco, and called Sinegal "a great friend of mine and somebody who I greatly admire" during a 2014 visit to a Costco store, per The Post. Sinegal had a net worth of more than $120 million in 2005 largely due to his stake in the warehouse retailer, according to The New York Times. For the most part, Jelinek has upheld Sinegal's leadership strategy, prioritizing employees and keeping costs low for customers. COSTCO WHOLESALE UK LIMITED (02635489) Sinegal's involvement in Obama's reelection effort didn't end there. In 1997, the name of Sinegal's company was changed to Costco Wholesale.
The San Diego State University Aztec logo in Viejas Arena in February 2020. Together with Seattle retailer Jeff Brotman, he co-founded Costco. Costco's office space itself also reflected Sinegal's modesty. A representative for Sinegal at Costco did not immediately respond to Business Insider's request for comment on the former CEO's tenure at the company, net worth, political activities, or philanthropy. Keep reading to learn more about Costco cofounder Jim Sinegal. All the celebrities protesting Facebook and Insta... At least 2 people dead and more than a dozen injured in Vienna terror attack, Mukesh Ambani slips to the 9th spot in Forbes billionaires list as he loses $7 billion in a single day, Live results of Washington state's governor race between Jay Inslee and Loren Culp, UK's COVID tracing app fails to warn its 19 million users if they were in close contact of infectious patients, India hits out at Pakistan for taking advantage of coronavirus pandemic to enhance cross-border terrorism, Microsoft announces arrival of Apple TV and other streaming apps on new Xbox consoles, Master Business Fundamentals from Wharton. Sign up for Insider Life. Sinegal made a speech in support of President Obama at the 2012 Democratic National Convention. Sinegal went from strength to strength. [6][7], On January 1, 2012, Sinegal retired as CEO of Costco Wholesale, continued to serve as Company Advisor and Director, and was succeeded by his long-term Costco colleague W. Craig Jelinek in 2012. He attended Helix High School in La Mesa, California, and earned an AA at San Diego City College in 1955. Sinegal also pioneered several of Costco's signature methods of keeping costs low, including its no-frills retail spaces, limited inventory, and non-existent advertising, per The New York Times. Costco services also expand to gas stations, offering low-priced gas across the United States.

I liked Costco - but this left leaning is making me wonder. On January 2012 (his 76th birthday), Sinegal will step down from the empire he build over 28 years. Jim Sinegal’s House (Google Maps). Outside of the campaign, The Post described Costco's relationship with the White House as a romance. Costco mogul Jim Sinegal has an estimated net worth of $2 billion and a salary of $350,000 per year. Sinegal had a net worth of more than $120 million in 2005 largely due to his stake in the warehouse retailer, according to The New York Times. Sinegal also co-owns a vineyard in Napa Valley with his son David, he told The Seattle Times in 2018. [citation needed]. mansion. Sinegal retired in 2018 but remains one of Costco's largest shareholders. [5], After Sinegal started as a grocery bagger at FedMart in 1955, he discovered that he loved the retail business, and was excited by the opportunities at this rapidly growing retailer. In his superb biography, The Everything Store: Jeff Bezos and the Age of Amazon, Brad Stone discusses in Chapter 4 a breakfast meeting that Bezos once had with Jim Sinegal, founder and then (2001) CEO of Costco. Sinegal and his wife, Janet, have three children. Copyright © 2020. Costco buys in bulk and marks up everything at a standard, across-the-the-board 14 percent, even when it could charge more. We just stayed to our principles — it's what we do, take care of customers and employees and the people who are selling us merchandise, Jelinek told The Seattle Times. In 2010, Sinegal earned a total of $3.5 million once his stock options were factored in, per The Post. Lake Washington pictured during a protest in April 2020. Although the exact size of Sinegal's gift was not disclosed, he was listed among the "major donors" who gave between $200,000 and $2 million. James Sinegal's house (Google Maps). His stake alone was worth. "We just stayed to our principles — it's what we do, take care of customers and employees and the people who are selling us merchandise," Jelinek told The Seattle Times.
For the most part, Jelinek has upheld Sinegal's leadership strategy, prioritizing employees and keeping costs low for customers. Sinegal still continued to manage PriceCostco, Inc. “Though the selection of products in individual categories is limited, there are copious quantities of everything there – and it is all dirt cheap. Sinegal took a $350,000 salary during his tenure at Costco — far below the industry standard $1 million for Fortune 100 CEOs at the time, according to The Washington Post. Sinegal was born into a working class family in Pittsburgh. The two companies entered into a partial merger just after Price's earnings dropped to 40%. It's easy to get corrupted if you're not paying attention on a daily basis.". We deliver on that value constantly. In 1983, Sinegal co-founded Costco with Seattle retailer Jeff Brotman.


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