Costco CEO receives University of Manitoba entrepreneur award

Jim Sinegal, co-founder and CEO of Costco Wholesale Corporation, will receive the 2011 International Distinguished Entrepreneur Award (IDEA) from the University of Manitoba’s Asper School of Business Monday night.

The award honours a business executive who has achieved outstanding entrepreneurial success and who had made an exemplary contribution to economic life.

Sinegal started out as a Fed-Mart bagger in 1954, and by the late ’70s he was executive VP. In 1979, Sinegal left Fed-Mart, joining former Fed-Mart head, Sol Price in his new venture, a membership-based warehouse chain, Price Company, also known as Price Club.

In 1983, Jim Sinegal co-founded Costco Wholesale Corporation with fellow-entrepreneur Jeffrey Brotman. Since then, the Costco has grown to include more than 500 locations worldwide with more than 61 million cardholders. Sinegal is known for his progressive management practices that have enabled Costco to benefit from low employee turnover and high productivity.

Sinegal will be presented with a custom-made pure gold medal produced by the Royal Canadian Mint specifically for the award.