Costco CEO to retire

Jim Sinegal, CEO of Costco, announced he will retire Jan. 1.

He will stay on as a member of the company's board and as an advisor.

Craig Jelinek, Costco president and COO, will succeed him.

“Costco has a very strong culture and a deep bench of management talent,” Sinegal said in a statement. “I have total confidence in Craig’s ability to handle his new responsibilities and feel we are fortunate as a company to have an executive of his caliber to succeed me as chief executive of Costco.”

Jelinek started as a warehouse manager in 1984 and has had experience in every major role related to the company’s operations and merchandising activities.