Jim Sinegal is an American business executive who has a big net worth. He has earned name and fame being the founder and CEO of Costco. If this isn’t enough, he has also been the largest retail membership chain in the United States. However, he retired from both positions in 2018. There are many people who don’t know much about him but look up to him as a source of inspiration. If you want to know more about Jim here are some details about him.
Early Life and Bio
Jim was born on January 1st, 1936 in Pittsburgh and is currently 85 years old. He has been a business-minded person since his young age and got the chance to find his vocation in retail. You will be surprised to know that started as a bagger at FedMart that is a good discount given by the retail store. He earned a degree in business from a prestigious University became the leading person at FedMart. The merchandise and operations were under his control.
Business at Costo
In 1983 as his business was growing he partnered with another retailer Jeff Brotman. It was his efforts that made Costo one of the most preferred warehouses for many. Costo is offering a lot of discounts and offers while they are selling good quality fruits and vegetables. The company is also handing clinics, eye care and other pharmacies that are catering to the needs of all.
Costo has also been the emerging leader of the warehouse discount concept. They have now become one of the largest retailers in the world. You will be surprised to know that there about 800 Costo stores all around the world. He has become the vice president of Costo and took another position at the Price Company. Jim has soon become one of the most prominent retail figures in the world and served as a president and CEO.
Net Worth and Salary
The total net worth of Jim happens to be $1 billion and he is the richest retailers and businessmen in the world. He has always had a modest salary with each passing year as compared to other competitors. His yearly salary has been around $350,000 but some other companies were also paying for personal security too. He may have earned a $200,000 bonus and $4 million worthwhile the options have been plenty for him. The way Costo made their way into everyone’s heart it was easy for him to get all the fortune. In 2012 he stepped down from his position but has worked hard built an empire for three decades. He became the chief operating officer after replacing Craig Jelinek in 1984.
Personal Life, Wife and Kids
Jim got married but there isn’t much information about his wife. He is blessed with two children and now a grandfather too. W.Craig is the successor of Costo now and will handle all the company’s work and merchandise. The international chain will seem to work well and his children can also work to bring it to greater success.