Costco Wholesale Corp., the largest U.S. warehouse-club chain, appointed Chief Operating Officer Craig Jelinek to succeed Chief Executive Officer Jim Sinegal, who is stepping down Jan. 1.
Jelinek, a 28-year veteran of the company, started as a warehouse manager, Issaquah, Washington-based Costco said. He also holds the title of president.
Sinegal, a co-founder of Costco, took helm of the company in August 1988, according to Bloomberg data. He plans to continue on Costco’s board and will seek re-election in January. He will serve in an advisory role through January 2013.
Costco today also reported fourth-quarter revenue of $27.6 billion, which met the average estimate from analysts polled by Bloomberg. Same-store sales, excluding fuel, in August rose 6 percent, the company said. That’s more than a 4.9 percent increase estimated by Retail Metrics.
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