Costco co-founder in USA to retire
The co-founder and current CEO of US wholesaler Costco Wholesale Corporation, Jim Sinegal, is to step down from the job at the end of the year.
President and COO Craig Jelinek will replace Sinegal on 1 January 2012. Costco created an office of the president in February through which Sinegal and Jelinek have “worked hand in hand” on company matters, alongside chairman Jeff Brotman.
Costco Wholesale Corporation is the largest membership warehouse club chain in the United States. The retail giant opened three stores in Australia (Melbourne, Sydney, and Canberra) this year.
Mr Sinegal, who set up the business in 1983, will work as an advisor to Costco until January 2013 and will also continue to serve on the company’s board.
The news of Sinegal’s departure coincides with Costco’s annual sales report, published this week. Net sales for the year to 28 August were US$87bn, an increase of 14% on a year earlier.
Comparable-store sales climbed 10% thanks to a 7% increase in the US and a 16% jump in Costco’s international markets.