Costco Wholesale Corporation (COST) CEO Reflects on New Role

Craig: Well, I think when you talk about Sol Price, who was the originator or founder of Price Company, and FedMart, one thing that we both learned from him is, continue to always do what’s right for your employees, and always try to do what’s right for the consumer.

If you keep the consumer and your employees, and do the right thing, things have a way of working out for you. You build trust with your employees, you build trust with your consumer — which is really just common sense and good business — but I think that’s probably what we learned the most. Just always do the right thing.

This isn’t rocket science. You just want to continue to bring the value to the consumer. You want to pay good wages, you get good people, treat people fairly, and if you can keep your expenses down, you keep your prices down, you’re going to sell a lot of merchandise and that’s what we do; buy and sell goods.

Austin: Pretty simple formula, it sounds like.

Craig: It’s simple. The hard part is keeping it simple.

The article Costco CEO Reflects on New Role originally appeared on Fool.com and is written by Austin Smith.

Austin Smith has no position in any stocks mentioned. The Motley Fool recommends Costco Wholesale Corporation (NASDAQ:COST). The Motley Fool owns shares of Costco Wholesale.

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