Warehouse club operator Costco revealed that Jim Sinegal will step down from his role as chief executive on January 1, 2012. He founded the company with Jeff Brotman, currently chairman of the board, in 1983. Sinegal will be succeeded by Craig Jelinek, who at present serves as president and chief operating officer. In February 2010, the board of directors established an office of the president to co-ordinate important company matters. Jelinek and Sinegal have worked together in this office alongside Brotman for the past 18 months.

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