One of the most colorful personalities in retailing, Sinegal is known for his integrity, his unwillingness to squeeze customers or employees to please Wall Street, and his abiding love of $1.50 hot dogs.
Sinegal steps down after seeing Costco through a recession in which other retailers slashed jobs, eliminated stores and went out of business.
Costco laid off no one, aside from its usual seasonal workers and extra people hired for new-store openings. It also refused to cut back on health benefits, despite rising costs and pressure from Wall Street — and Sinegal has steadfastly resisted marking up the company’s prices on branded items any more than 14 percent.
Costco’s sales and profits are rising, and its stock is near an all-time high.
Another one of my favorite companies is losing their visionary CEO.
Costco is an entirely different different beast than Apple. But I admire both for their exceptional quality and commitment to service.
Costco is 100 times less evil than Google. They just don’t say it.