Costco's Sinegal Plans 2012 Retirement

SN STAFF

ISSAQUAH, Wash. — Jim Sinegal, one of the founders of Costco Wholesale Corp. here, plans to retire as chief executive officer effective Jan. 1, 2012, the company said.

Jim Sinegal

Craig Jelinek, currently president and chief operating officer, was named to succeed Sinegal as CEO, and he will also remain president. Sinegal, who cited his age as a factor in his decision to retire, will remain for a year as an advisor during the transition, Costco said. He is 75.

Jelinek, who joined Costco in 1983, has worked in various management positions in operations. He was executive vice president, merchandising, before being named president and COO in 2010. His appointment as Sinegal's successor had been expected.