Jim Sinegal Net Worth is$2 Billion
Jim Sinegal Salary is$350 Thousand Per Year
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Date of Birth: 1936
Nicknames: James D. Sinegal
Country: United States of America
Costco mogul Jim Sinegal has an estimated net worth of $2 billion and a salary of $350,000 per year. Sinegal acquired his mammoth net worth as the founder and CEO of the largest membership retail chain in the United States. In the 1950's a young Sinegal found his vocation in retailing when he started as a bagger at FedMart, a discount retail membership store. Over the years, He climbed up the FedMart ladder becoming the executive vice president, overlooking the merchandising and operations. Sinegal went from strength to strength. In the 1970's he became the vice president (merchandising) for Builder Emporium and later took the position as the vice president for the Price Company. In 1983, Sinegal co-founded Costco with Seattle retailer Jeff Brotman. 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. Costco services also expand to gas stations, offering low-priced gas across the United States. A decade later, Costco merged with the pioneer of the warehouse discount concept, the Price Company. Since then, Costco has become one of the top ten retailers in the world - although there are less than 600 stores. Furthermore, Sinegal is considered one of the most prominent retail figures in American modern history. From the start, Sinegal has been the President and CEO of Costco - until now. On January 2012 (his 76th birthday), Sinegal will step down from the empire he build over 28 years. Costco's president and chief operating officer, Craig Jelinek will continue Sinegal's legacy. Jelinek joined Costco in 1984 as a warehouse manager and (years before) he was tipped to be the next CEO. Although he has plans to step down from Costco, Sinegal shows no signs of retiring, as he will be with the retail giant for another year. Sinegal will be involved with the company's transition.
James D. Sinegal (born January 1, 1936) is co-founder and former CEO of Costco, an international retail chain.
He was born January 1, 1936 into a Catholic working-class family in Pittsburgh, Pennsylvania and placed in a orphanage by his mother.. When he was 11, she adopted Sinegal and Giuseppe Siniscalli (later changed to Sinegal) became his step father. Senigal's father was named Wright but he took his step-fathers last name instead. He attended Helix High School in La Mesa, California and earned an AA at San Diego City College in 1955. He earned a BA from San Diego State University in 1959.
After he started as a bagger at FedMart in 1954 he found he loved retailing. At FedMart, he worked his way up to executive vice president in charge of merchandising and operations. He was a vice president of merchandising for Builders Emporium 1977-1978, and an executive vice president for the Price Company 1978-1979. From 1979-1983 he worked with Sinegal/Chamberlain and Associates, a company which acted as a broker and sales representative for food and non-food products. Together with Seattle retailer Jeff Brotman, he co-founded Costco and from 1983 he has been President and CEO of Costco. His innovations made Costco the first warehouse club to include fresh food, eye-care clinics, pharmacies, and gas stations.
He was a protege of Sol Price, who pioneered the concept of the warehouse store that sells high volumes of a small variety of goods to members only. Sinegal is known for a benevolent style of management that offers employees high benefits and rewards.
In an interview published in the Houston Chronicle on July 17, 2005, he told Steven Greenhouse that he was not interested in Wall Street analysts who took issue with his care for employees and customers rather than happier shareholders. Investors might want higher earnings but Sinegal stated "We want to build a company that will still be here 50 and 60 years from now." A favorite saying of his is "you have to t

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Jim Sinegal Latest News

Cramer: Don’t dismiss Sen. Elizabeth Warren’s ideas as bad for companies

Cramer recalled when former Costco CEO Jim Sinegal told him that "one of the big differences between Costco and nearly every other retailer is that Costco gives its workers better pay and more ...
Posted: August 16, 2018, 3:59 pm

Costco co-founder Jim Sinegal bids goodbye at shareholder gathering

Costco Wholesale co-founder Jim Sinegal, who turned 82 earlier this month, said it was “a bittersweet moment” as he prepared to severhis remaining formal tie to the retail giant that grew from a ...
Posted: July 5, 2018, 6:05 am

Here's what Costco looked like when it first opened in 1983

Canada exempts $110M more of U.S. imports from retaliatory tariffs Jim Sinegal and Jeff Brotman first dreamed up the idea for Costco Wholesale in 1982. The late Brotman was an attorney, who was ...
Posted: March 6, 2019, 9:41 pm
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