James Sinegal Biography and Net Worth

James “Jim” Sinegal is the retired co-founder and CEO of Costco Wholesale, the warehouse-style retail chain known for its low prices and exceptional employee care. 

Sinegal co-founded Costco with Seattle retailer Jeff Brotman in 1983 as the first “warehouse club” of its kind that included fresh food, pharmacies, eye clinics, and gas stations along with its mix of goods and services. Sinegal was a protege of Sol Price, considered the father of the warehouse club. 

Known for his generous and caring leadership style, Sinegal’s management philosophy is rooted in the belief that employees who are treated well, in turn, treat and serve customers well. This guiding principle was evidenced by over 90 percent of Costco employees qualifying for employer-sponsored healthcare, with the ability to earn $40,000 a year as a cashier with additional compensation and benefits. As a result, Costco has the lowest employee turnover rate in the country of any comparable retail chain. 

In 1993, Costco was invited to a partial merger with Price Club. The new company, called PriceCostco Inc., focused on international expansion and opened stores in Mexico, South Korea, and England. Sales continued to drop despite the merger and expansion, and the breakup of the two companies was announced in 1994. In 1997, PriceCostco was renamed Costco Wholesale. 

Sinegal discovered his love for the retail business while working as a grocery bagger at FedMart in college. After graduating, he swiftly worked his way up to executive vice president at FedMart, where he was in charge of merchandising and operations for the company. From 1977 to 1978, he served as vice president of merchandising for Builders Emporium, and as executive vice president for the Price Company from 1978 to 1979. Prior to co-founding Costco, Sinegal worked with Sinegal/Chamberlin and Associates, a company that acted as a sales representative and broker for food and non-food products.  

In 2009, Sinegal was named one of “The TopGun CEOs” by Brendan Wood International. He has received numerous other awards and accolades, including recognition on BusinessWeek’s “Best Managers” list, Forbes’ “America’s Best Bosses” list, and Time Magazine’s “100 Most Influential People” list. He officially retired as CEO in 2012, and is currently serving as Costco’s company advisor. 

Sinegal earned his B.A. from San Diego State University. He currently serves as a member of the Campanile Foundation Board and the Fowler College of Business Advisory Board at SDSU. He’s an executive in residence at San Diego State University and the Fowler College of Business. Additionally, he serves as an advisor for the Mendoza School of Business at Notre Dame and as a trustee for the Fred Hutchinson Cancer Research Center in Seattle. 

He received an honorary doctorate from Dartmouth College in June 2017.