Costco executive ready to take helm as CEO

A major reason Jim Sinegal is retiring as CEO of Costco Wholesale on New Year’s Eve, one day before he turns 76, is his complete faith in his successor, Craig Jelinek. “He understands this business backwards,” Sinegal said. “He understands it better than I do. He’s hardworking, he’s intelligent, he’s well-liked, he’s respected, he’s fair — all the things you want from a manager.”

Jelinek’s background also resembles Sinegal’s. Both attended San Diego State University and spent years working for Sol Price at Fed-Mart; Jelinek joined Costco just months after Sinegal and Jeff Brotman opened it in 1983.

Read the rest of interview (as reported by The Seattle Times)