Photo: AP Images
Costco founder Jim Sinegal is worth an estimated $150 million. His strategy and leadership transformed his store into one of the most successful retailers in the world. All of Sinegal’s wealth and success stemmed from an unlikely source: his college job.
Sinegal was an 18-year-old San Diego Community College college student when he took a job at Fed-Mart in 1954, reports Steven Greenhouse at The New York Times. Sinegal’s responsibility was unloading mattresses.
But Sinegal soon caught the attention of Fed-Mart’s chairman, Sol Price, who is credited with inventing the big-box warehouse concept.
Eventually, Sinegal became executive vice president of the company. He eventually helped start Price Club, where he got a knack for the bulk-selling warehouse business.
Sinegal started Costco in 1983, and the rest is history.
His former mentor, now 89, is proud of Sinegal today.
“Jim has done a very good job in balancing the interests of the shareholders, the employees, the customers and the managers,” Price told the Times. “Most companies tilt too much one way or the other.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.