Jim Sinegal is the co-founder and former CEO of Costco who has an estimated net worth of $2 billion and an annual salary of $350 thousand. Costco is an international retail chain with a membership-only warehouse club that provides a wide selection of merchandise. It is the second largest retailer in the United States, the seventh largest retailer in the world and the largest membership warehouse club chain in the United States as of July 2012.

James D. Sinegal, born on January 1, 1936 in Pittsburgh, Pennsylvania, has earned his BA from San Diego State University in 1959. He started accumulating his estimated net worth of $2 billion when he worked as a bagger at FedMart in 1954. He has worked his way up to executive vice president who is in-charge of merchandising and operation. Between 1977 and 1978, he was a vice president of merchandising for Builders Emporium. From 1978 to 1979, he became the vice president for the Price Company.

Mr. Sinegal co-founded Costco in 1983 along with Seattle retailer Jeff Brotman. Since its inception, he has been the director and has turned the company into one of the most popular discount warehouse in the U.S. It offers a wide range of services which spans from selling fresh fruits to offering eye care, clinics and pharmacies. It has even expanded to gas stations that offered low-priced gas across the nation.

From the company’s inception until 1993, Jim Sinegal was the President and Chief Operating Officer. He has served as the Chief Executive Officer from August 1998 until October 1993. He has been the President and Chief Executive Officer since October 1993. He retired as the CEO in January 1, 2012.