James D. Sinegal: Revolutionizing an Industry
James D. Sinegal: Revolutionizing an Industry
Table of Contents
Biography of Jim Sinegal…………………………………………………………………………………...3
History of Costco…………………………………………………………………………………………...6
Management Strategy……………………………………………………………………………………..11
Costco’s Performance……………………………………………………………………………………..20
References
Biography…………………………………………………………………………………………25
History…………………………………………………………………………………………….26
Management………………………………………………………………………………………27
Performance………………………………………………………………………………………28
Biography of Jim Sinegal
“We want to build a company that will still be here 50 and 60 years from now." This is a quote from the famous CEO Jim Sinegal, who is best known for his benevolent style of management. He is known to offer employees high benefits and rewards and has debunked the myth that retail employers must pay their workers poorly. With a total annual compensation of just $425,000, he contradicts the boardroom notion that CEOs of billion-dollar corporations require pay packets to match1. Under his leadership and guidance, Costco has become the top warehouse-club retailer in the nation, with more than four hundred stores in the United States and abroad1.
Jim Sinegal is the CEO and co-founder of Costco Wholesale Corporation. He was born on January 1, 1936 into a Catholic working-class family in Pittsburgh, Pennsylvania. He attended Helix High School in La Mesa, California, where he dreamed of going to medical school. However, due to his mediocre grades, he was advised to attend San Diego Junior College, where he earned an associate 's degree in 1955. While at school Jim met his future wife Jan who he would later marry in 1962, together they have three children: Michael, David and Suzanne. Michael is currently head of Costco’s Japanese operations and could be seen as Jim’s replacement sometime in the near future2. Since moving to Seattle in 1983, following the birth of Costco, Jim and Jan have been well known contributors to various community and civic
Table of Contents
Biography of Jim Sinegal…………………………………………………………………………………...3
History of Costco…………………………………………………………………………………………...6
Management Strategy……………………………………………………………………………………..11
Costco’s Performance……………………………………………………………………………………..20
References
Biography…………………………………………………………………………………………25
History…………………………………………………………………………………………….26
Management………………………………………………………………………………………27
Performance………………………………………………………………………………………28
Biography of Jim Sinegal
“We want to build a company that will still be here 50 and 60 years from now." This is a quote from the famous CEO Jim Sinegal, who is best known for his benevolent style of management. He is known to offer employees high benefits and rewards and has debunked the myth that retail employers must pay their workers poorly. With a total annual compensation of just $425,000, he contradicts the boardroom notion that CEOs of billion-dollar corporations require pay packets to match1. Under his leadership and guidance, Costco has become the top warehouse-club retailer in the nation, with more than four hundred stores in the United States and abroad1.
Jim Sinegal is the CEO and co-founder of Costco Wholesale Corporation. He was born on January 1, 1936 into a Catholic working-class family in Pittsburgh, Pennsylvania. He attended Helix High School in La Mesa, California, where he dreamed of going to medical school. However, due to his mediocre grades, he was advised to attend San Diego Junior College, where he earned an associate 's degree in 1955. While at school Jim met his future wife Jan who he would later marry in 1962, together they have three children: Michael, David and Suzanne. Michael is currently head of Costco’s Japanese operations and could be seen as Jim’s replacement sometime in the near future2. Since moving to Seattle in 1983, following the birth of Costco, Jim and Jan have been well known contributors to various community and civic
References: Practices. New York: McGraw-Hill/Irwin, 2009. 4Machan, Dyan. “CEO Interview: Costco’s James Sinegal.” SmartMoney. Mar 27, 2008. Nov 3, 2010 5Spector, Robert. Category Killers: The Retail Revolution And Its Impact On Consumer Culture. Harvard Business School Press, 2005. 6“Strategic Management.” McGraw-Hill Company. 2010.