Costco Wholesale Corp. (COST). The company said its co-founder and CEO, Jim Sinegal, has decided to step down as CEO of the largest U.S. warehouse club, effective Jan. 1. Sinegal (75 years old) will be replaced by President and COO Craig Jelinek, Costco said on Wednesday. Costco reported an 11 percent rise in August same-store sales, or sales at stores open at least a year, helped by rising gasoline prices and currency benefits.
I was at Costco yesterday and I continue to be impressed at how well that company is run.
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