It’s been about a year since Craig Jelinek assumed the role of President at Costco, as well as continuing to act as Chief Operating Officer. And he seems to be doing a good job thus far. There was an article about him in The Seattle Times recently that also shed a little more light on his personality too. I think we can all breathe a sigh of relief because he seems funny, self-deprecating, and very much in line with Jim Sinegal on how to continue to make Costco great. He seems every bit as humble and low-key as Jim Sinegal and I think that is a great sign.
Craig Jelinek has been part of the Costco team since 1984 and had a variety of roles since then. But last year he took over as President from Jim Sinegal. There is a lot of speculation that this was the first move in a succession plan for Costco, for that inevitable day when Jim Sinegal decides to retire. For the past year, Jelinek and Sinegal have been traveling together to attend all of the new store openings and they seem to have a lot in common, including their appreciation for the $1.50 Costco hot dog deal.
A Wall Street analyst has a great quote in the article about the focus of the Costco Executive team on low margins and prices and treating employees fairly:
“Costco has a very long-term view when it comes to low prices and margins, as well as the way it treats employees. That’s rare”, says David Schick, of Stifel Nicolaus, but “it doesn’t seem that the company spends a lot of time worrying about whether that’s right or not; they’re convinced that’s right based on their track record.”
The most surprising bit of information in the whole article though, had to be about Costco’s plans to open warehouses in Paris and Madrid. Seriously, that totally shocked and amazed me. I would never, ever, ever have thought that Paris would have been even a remote possibility for a Costco warehouse. So, we’ll all have to stay tuned for news on the progress of opening these new stores in Europe.
Read the entire article here: