Jim Sinegal is the founder, chairman, and former longtime CEO of Costco (Nasdaq: COST). During his tenure as chief executive, Sinegal grew Costco from a single warehouse to a now-$39 billion chain.

Last month, The Motley Fool's own founder and CEO, Tom Gardner, ventured to a Costco warehouse in Florida for a conversation with Sinegal on business, leadership, and company culture. In the following clip, Sinegal explains his transition out of the CEO role he held for nearly 30 years. (A transcript is provided below; running time: 1:52.)