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How the Costco Board Protected the Employee Wage Model
Lucas and Luna examine how Costco's board has consistently championed a high-wage, high-retention strategy that Wall Street often questioned. They trace a pivotal 2018 boardroom clash when activist investors pushed for wage cuts, and how the board's independent directors — led by founding CEO Jim Sinegal's handpicked successor — defended a philosophy that ultimately proved more profitable. The episode unpacks the unusual composition of Costco's board (heavy on operations and retail veterans, light on finance-only directors), the specific governance mechanisms that insulate…
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