ISSAQUAH, WA - At a shareholders’ meeting this week, Costco Wholesale Corporation, announced quarterly cash dividend, and also took the opportunity to say goodbye to company Co-Founder Jim Sinegal.

Though Sinegal will remain a significant shareholder—retaining 1.3 million shares of Costco stock, roughly $263.2 million—the company Co-Founder will sever formal ties with the company he founded. According to a report by The Seattle Times, Sinegal opted not to run for re-election to Costco’s board of trustees earlier this year.

“I’m still a big shareholder and will remain a big shareholder,” the Times quoted Sinegal as saying. “One of my sons and I own a vineyard down in Napa Valley, and I take care of my own personal investments, so I’ve got a lot to keep me busy.”

Additionally, the company Co-Founder will remain active on the board of a number of organizations—including the Fred Hutchinson Cancer Research Center and Washington Opportunity Scholarship Fund.

“We love him dearly,” Costco CEO Craig Jelinek said at the meeting. “I’d like to say that I’m going to miss him, but he’s not going to be far away.”

Sinegal reportedly described his departure from the board as “bittersweet,” but noted that he will remain connected to the company in a significant way.

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