NEW: Raimondo Joining Foulkes on Costco’s Board of Directors

NEW: Raimondo Joining Foulkes on Costco’s Board of Directors

Costco has announced that Gina Raimondo has joined its Board of Directors. Raimondo is the former governor of Rhode Island, and she served as U.S. Secretary of Commerce under President Joe Biden.

Raimondo joins Democratic gubernatorial candidate Helena Foulkes, a former CVS executive, who is already a member of the board. Foulkes was appointed in 2023.

Costco board members earn significant compensation, primarily through a mix of cash retainers and substantial restricted stock units (RSUs), totaling well over $300,000 annually

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Hamilton (Tony) James, Chairman of the Board, said about the appointment: “We are very pleased to nominate Secretary Raimondo for election to our Board. Her vast experience in global business, politics and international security at the highest level will add an important dimension to our current expertise. We look forward to her contributions.”

 

Costco and Raimondo in Focus

James comes from private equity - formerly at Blackstone, he has faced controversy in the past.

Blackstone and James's name arose in a corporate collusion case, along with fellow private equity giants Bain Capital and Carlyle Group. These three rival firms were accused of colluding to drive down the prices of takeover targets. The three firms agreed to pay a combined $325 million to settle the lawsuit, without admitting wrongdoing.

James and other Costco board members have been identified as strong Democratic donors.

Costco is presently suing the Trump administration over tariffs, and Raimondo has been an outspoken critic of the President’s policies.

As GoLocal reported in October, Raimondo blasted the Trump tariff policy at a speech at Harvard’s Kennedy School moderated by former Treasury Secretary Larry Summers. And, in the ultimate small world scenario, Summers — linked to be a close confidant of Jeffrey Epstein — was considered by Foulkes to be a mentor of hers.  And Summers was a donor to Foulkes’ campaign for governor.

After the details of Summers and Epstein’s relationship became public and under criticism from Governor Dan McKee, Foulkes donated Summers' campaign donations — a total of $6,000.

Costco currently operates 921 warehouses, including 633 in the United States and Puerto Rico, 112 in Canada, 42 in Mexico, 37 in Japan, 29 in the United Kingdom, 20 in Korea, 15 in Australia, 14 in Taiwan, seven in China, five in Spain, three in France, two in Sweden, and one each in Iceland, and New Zealand. It also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan, and Australia.

The company has no stores in Rhode Island.

It failed to locate one in Cranston after a long battle.