The Real Story of James Sinegal, Costco Founder
Co-founder and former CEO of Costco (he retired in January , when he turned 77) was the only corporate voice at the Democratic National Convention. The Seattle-based warehouse store Costco provides health benefits to full- and part-time employees, pays its workers well, and has a partially unionized workforce. Under Sinegal’s leadership, Costco never raised the price of its hot dog-soda combo meal ($).
During its year history, Costco has remained profitable in spite of what some analysts continue to criticize: Costco&#;s prioritizing workers over shareholders. “You have to take the shit with the sugar,” is one of Sinegal’s favorite sayings. But even affluent investors like one-time Republican presidential candidate Mitt Romney and his wife Ann admit proudly and publicly (on The David Letterman Show) to being Costco shoppers. The $18 dress shirt is a fave of Mitt’s; he even claims to iron them himself. 89% of Costco members renew every year.
As a child, Sinegal was placed in an orphanage by his mother who later re-married a man named Siniscalli (changed to Sinegal) who later adopted James. Working his way through San Diego Stat
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
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- Jim Sinegal cofounded Costco alongside Seattle attorney Jeff Brotman in
- 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.
- Sinegal is a staunch Democrat, speaking on President Barack Obama's behalf at the Democratic National Convention, endorsing Hillary Clinton's presidential bid, and co-hosting a high-dollar fundraiser for Joe Biden.
- Sinegal owns a waterfront mansion outside Seattle and a vineyard in Napa Valley.
- Sinegal retired in but remains one of Costco's largest shareholders. His stake alone was worth $ million in
- Visit Business Insider's homepage for more stories.
After discovering a passion for retail in college,
Sinegal, James D. –
Chief executive officer and president, Costco Wholesale Corporation
Nationality: American.
Born: January 1, , in Pittsburgh, Pennsylvania.
Education: San Diego Junior College, AA,
Family: Married Janet (maiden name unknown), ; children: three.
Career: Fed-Mart Corporation, &#x;, bagger, then later executive vice president in charge of merchandising and operations; Price Company, &#x;; Costco Wholesale Corporation, &#x;, CEO and president.
Awards: Best Managers, BusinessWeek,
Address: Costco Wholesale Corporation, Lake Drive, Issaquah, Washington ;
■ James Sinegal cofounded Costco Wholesale Corporation in During his tenure as president and chief executive officer Costco became the top warehouse-club retailer in the nation, with more than four hundred stores in the United States and abroad, amassing $40 billion in sales in alone. Known as much for his voluntarily low salary as for his insistence that adequate employee compensation was good for business, Sinegal was a controversial figure among some investors and analysts.
LEARNING A BUSINESS PHILOSOPHY
Raised in a working-class Catholic family, Sinegal once dreamed of going to medical
Welcome to the fascinating world of Costco, where low prices and high quality meet in the aisles of one of the world&#;s most beloved warehouse retailers. In this blog post, we will dive deep into the life and legacy of the founder of Costco, exploring the remarkable story behind the man who revolutionized the way we shop. Join us as we uncover the facts and uncover the secrets of the visionary mind behind this retail giant. Let&#;s explore the incredible journey of the founder of Costco together!
Early Life and Background
Before he became the founder of Costco, James D. Sinegal had a humble beginning that shaped his future entrepreneurial endeavors. Born in in Pittsburgh, Pennsylvania, Sinegal grew up in a working-class family where he learned the value of hard work and perseverance from a young age. His parents instilled in him the importance of honesty and integrity, traits that would later define his leadership style at Costco.
Despite facing financial struggles, Sinegal&#;s parents encouraged him to pursue a college education. He attended San Diego State University, where he studied business and developed a passion for retail. After graduating, he gained invaluable exper
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