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Originally published Monday, November 28, 2011 at 1:29 PM

Costco sets pay for incoming CEO

New Costco CEO Craig Jelinek gets a pay raise.

Seattle Times business reporter

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Craig Jelinek, who is set to become CEO of Costco Wholesale on January 1, will be paid an annual salary of $650,000 plus a bonus of up to $200,000, according to a securities filing Monday.

That compares to current CEO Jim Sinegal's salary of $350,000 and bonus of $190,400 in fiscal 2010. Including stock awards and other pay, he received $3.5 million.

As president and chief operating officer, Jelinek earned a salary of $635,000 plus a $95,200 bonus that year. With stock awards and other pay, he received $2.3 million.

Sinegal, who is also Costco's co-founder, will continue working at the company until Feb. 1, to help with the transition. During that year, he will receive a salary of $100,000 and will not be eligible for a bonus, the company said in an earlier filing.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com. On Twitter @AllisonSeattle.

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