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Craig Jelinek (Costco CEO) Net Worth – $100 million
Craig Jelinek, CEO of Costco, has been with the multinational retail chain since 1984. He started working as a warehouse manager and made his way up to the top position as CEO in 2012. Jelinek now is over $100 million in net worth. Jelinek made more than 16 trades of Costco stock since 2004 and most recently traded 22,500 units of the stock of Costco Wholesale Corp, which is worth $5,029,200 in October 2018. Craig Jelinek’s largest trade was when he exercised 120,000 units of stock in December 2012; it’s worth amounting to over $3,844,800.
Jelinek trades nearly 12,400 units every seven months since 2004. He also sold stock worth more than $5,029,200 in the last 17 years. Craig Jelinek earns $8,016,200 as the CEO, President, and Director of Costco Wholesale Corp.
Craig Jelinek’s Salary
As the CEO, President, And Director of Costco, Craig Jelinek’s total compensation is $8,016,200. No other executive in the Costco Wholesale Corporation gets more pay. While Craig Jelinek’s basic salary is over $800,000, there is always additional income from stock grants and bonuses. For instance, as of 2018, he earned his base salary ($800,000), retirement contributions ($200,000), bonuses ($97,000) and stock grants ($6.3 million).
Craig Jelinek’s Stock Holdings in Costco: As of now, Jelinek possesses 312,000 portions of the company, which amounts to up to $90 million in worth.
Costco CEO (Craig Jelinek) Biography
Walter Craig Jelinek, an American businessman, is from California, United States, and was born on August 8, 1952. He went to Antelop Valley High School and San Diego University for a degree in Bachelor of Arts.
Jenilek is 68 years old and has been the CEO, President, and Director of Costco since he succeeded James Sinegal, the founder of the company, in 2012. He joined Costco in 1984 as a warehouse manager and climbed his way up to the top by working hard. His ability to handle multiple responsibilities and excel at them brought Jelinek to the position he is in today. Some of the responsibilities included supervising operations and opening new stores.
One popular quote by Craig Jenilek reads as “We need investors who plant and grow, not reap and run.”
Craig Jenilek believes in keeping a low overhead to reduce the costs of managing its income operations and focusing only on its products. This helps the company to present its products at low prices. He also believes in having happy employees and puts great importance on working towards achieving it.
According to Jenilek, a common problem of stores is a short supply of products that discourages customers and makes their shopping experience uninteresting. To make sure that this isn’t an issue with Costco, he decides to regularly rotate its products so that there is no shortage in the range of products offered.
Some companies believe in increasing shareholders’ payments to the maximum, but Jenilek claims that Costco does not do that. To put it simply, he belives that focusing too hard on the shareholders’ priorities and excluding the other stakeholders keeps the company’s viability in danger for the long run. And this is why Jenilek believes in balancing the requirements of the stakeholders so that everyone is satisfied and happy.
How did Craig Jelinek Started His Career?
Craig Jelinek joined and started working in Costco in 1984, just a few months after it opened. Although he was new in the company, he had years of experience in the retail business, which made him excel in his job and gain important attention.
Known best as Costco’s CEO and President, Jelinek is from San Diego, California, and was born on August 8, 1952. He enjoys a staggering $100 million net worth. After working for almost three decades in Costco, he earned his position as the company’s CEO in 2012 and took over James Sinegal, its founder.
Craig Jelinek studied at the State University of San Diego, and he worked at FedMart before joining Costco. Before enjoying his current position in the company, Jelinek worked as the Chief Operating Officer and the President from early 2010 until 2012.
He was also the Executive Vice President and in control of merchandising since 2004. He worked in various positions in the management sector. Craig Jelinek’s extensive knowledge about business and the company itself due to years of service proved to be a qualification that was hard to beat.
Costco, also known as Costco Wholesale Corporation, is a multinational corporation based in the United States. James Sinegal and Jeffrey Brotman founded the company on July 12, 1976, in San Diego, California, US. Costco runs a series of membership-only big-box stores.
After Walmart, Costco in 2015 grew and expanded to be the world’s biggest retailer. In 2016, it was also the world’s largest seller of meat of most types, and wine. The company sells hardware, apparel, electronics, automotive supplies, food, sporting goods, beauty aids, jewelry, and several other types of goods.
The company announced a net income of $3.13 billion, revenue of $141.6 billion, and total assets amounting up to $40.83 billion in 2018. Costco employed two hundred and forty-five thousand people the same year.
The company’s first warehouse opened in 1983 in Seattle. As of 2019, it has 785 warehouses: 546 in America, 29 in the UK, 39 in Mexico, 100 in Canada, 26 in Japan, 13 in Taiwan, 16 In South Korea, 12 in Australia, one each in Iceland, China, and France, and 3 in Spain.
Craig Jenilek is not very vocal about what he does than several other Chief Executive Officers out there. But we can say that there is ample information from which we can learn about how he opts to run Costco, the company that was endowed to him, and what type of a CEO he is. With a whopping net worth of $100 million and a salary of over $800,000, we can say that Craig Jenilek has come a long way from where he started. His perseverance and hard work have definitely paid him off well!