James Sinegal facts for kids
Quick facts for kids
James Sinegal
|
|
|---|---|
.jpg) |
|
| Born |
James D. Sinegal
January 1, 1936 Pittsburgh, Pennsylvania, U.S.
|
| Education | San Diego City College (AA) San Diego State University (BA) |
| Occupation | Retired businessman and retail executive |
| Known for | Co-founder and former CEO of Costco |
| Successor | W. Craig Jelinek |
| Spouse(s) | Janet Sinegal |
| Children | 3 |
James D. Sinegal (born January 1, 1936) is an American businessman. He is famous for helping to start and lead the big store chain called Costco. He was the main boss, or CEO, of Costco from 1983 until 2011. James Sinegal was known for caring a lot about his customers and employees. He believed that if employees were treated well, they would do a great job for the customers. He also helped many charities.
Contents
Early Life and Education
James Sinegal was born on January 1, 1936. He grew up in Pittsburgh, Pennsylvania. He went to several schools, including Central Catholic High School (Pittsburgh). He later earned a degree from San Diego City College in 1955. In 1959, he graduated from San Diego State University.
Starting a Career in Retail
James Sinegal began working in stores in 1955. His first job was bagging groceries at a store called FedMart. He quickly realized he loved the retail business. He worked hard and moved up to a high position at FedMart.
Later, he worked for other companies, learning more about how to run big stores. From 1979 to 1983, he worked with a company that helped sell food and other products.
Founding Costco Wholesale
In 1983, James Sinegal teamed up with another businessman, Jeff Brotman. Together, they started Costco. This new company was a "warehouse club." It sold many different products in large amounts at low prices.
Sinegal was the president and CEO of Costco from 1983 until he retired in 2011. He was known for visiting every Costco store each year. He wanted to see how things were going firsthand.
Innovations at Costco
Under Sinegal's leadership, Costco became the first warehouse club to offer many new things. They started selling fresh food. They also added eye-care clinics, pharmacies, and even gas stations to their stores. These ideas made Costco very popular.
A Focus on Employees and Customers
James Sinegal learned a lot from his mentor, Sol Price. Price was known as the "father" of the warehouse club idea. Sinegal believed that treating employees well was key to success. He thought happy employees would take good care of customers.
Costco offered its employees good pay and benefits. This included health insurance for most workers. Because of this, fewer employees left their jobs at Costco compared to other retail stores. This helped Costco keep experienced and happy staff.
Mergers and Growth
In 1993, Costco joined with another company called Price Club. The new company was named PriceCostco, Inc. They started opening stores in other countries like Mexico, South Korea, and England.
Later, in 1997, the company's name changed again to Costco Wholesale.
Sinegal always put customers and employees first. Some people on Wall Street (who deal with money and investments) thought he should focus more on making money for shareholders. But Sinegal wanted to build a company that would last a very long time. His approach worked, and Costco's stock value grew a lot over the years.
Retirement
James Sinegal retired as CEO of Costco Wholesale on January 1, 2012. His longtime colleague, W. Craig Jelinek, took over as the new CEO. Sinegal continued to be an advisor and director for Costco for several more years. He fully retired from the company's board in January 2018.
Personal Life
James Sinegal is married to Janet Sinegal. They have three children. One of his sons, David, owns a winery in California.
Sinegal is a member of the Democratic political party. He even spoke at the Democratic National Convention in 2012. He has also hosted President Barack Obama at his home.
In 2017, James Sinegal received an honorary doctorate degree from Dartmouth College.
