Jim Sinegal is an American business executive who has a net worth of $1 billion. Jim Sinegal has earned his fortune as the founder and CEO of Costco, which is the largest membership retail chain in the United States. He retired as CEO in 2012 and retired from the Board of Directors in 2018.
Salary: Jim Sinegal famously accepted a relatively modest annual salary compared to his Fortune 500 peers. Jim’s base salary is $350,000. Many executives of similarly-sized companies spent more per year on personal security. That salary increased substantially when bonuses and stock options were awarded each year. For example, in an average year Jim might have earned a $200,000 bonus and $4 million worth of options.
Early Life: James D. Sinegal was born on January 1, 1936 in Pittsburgh, Pa. In the 1950’s a young Sinegal found his vocation in retail when he started as a bagger at FedMart, a discount retail membership store. Over the years, Jim climbed up the FedMart ladder becoming the executive vice president, overseeing merchandising and operations.
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.
Costco: In 1983, Sinegal co-founded Costco with Seattle retailer Jeff Brotman. Sinegal turned Costco into one of the most popular discount warehouse in the world. 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. Costco is now one of the largest retailers in the world. There are approximately 800 Costco stores in the world.
Sinegal is considered one of the most prominent retail figures in American modern history. Sinegal served as President and CEO of Costco until 2012. On January 2012 (his 76th birthday), Sinegal announced he was stepping down from the empire he built over the previous three decades.
He was succeeded by Costco’s president and chief operating officer, Craig Jelinek. Jelinek joined Costco in 1984 as a warehouse manager.
| Net Worth: | $1 Billion |
| Salary: | $350 Thousand Per Year |
| Date of Birth: | Jan 1, 1936 (86 years old) |
| Gender: | Male |
| Nationality: | United States of America |