This week, at a shareholders’ meeting of Costco Wholesale Corporation, the company announced quarterly cash dividend, and company Co-Founder Jim Sinegal took the opportunity to say goodbye.
Though Sinegal will remain a significant shareholder—retaining 1.3 million shares of Costco stock, worth roughly $263.2 million—the company Co-Founder, who turned 82 this year, will sever formal ties with the company he founded. According to a report by The Seattle Times, Sinegal will depart from the company’s board of trustees after opting not to run for re-election earlier this year.
“I’m still a big shareholder and will remain a big shareholder,” the Times quoted Sinegal as saying, noting that the company Co-Founder will remain active on the board of a number of organizations—including the Fred Hutchinson Cancer Research Center and Washington Opportunity Scholarship Fund. “One of my sons and I own a vineyard down in Napa Valley, and I take care of my own personal investments, so I’ve got a lot to keep me busy.”
At the company’s shareholders meeting, Sinegal reportedly described his departure from the board as “bittersweet,” but noted that he will remain connected to the company in a significant way.
“We love him dearly,” CEO Craig Jelinek said. “I’d like to say that I’m going to miss him, but he’s not going to be far away.”
For more retail news that pertains to the dairy, deli, bakery, and specialty food space, check in with us at Deli Market News.
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