Costco announced that co-founder and Chairman Jeff Brotman died Tuesday morning, aged 74.

The company said the thoughts of its board, management and employees are with Brotman's wife and family.

Brotman co-founded Costco Wholesale with Jim Sinegal. The two opened the first warehouse in Seattle in 1983.

Brotman previously served as chairman of the company's board from Costco's founding until 1993, when he became vice chairman of the company. Since December 1994, he served as chairman of the company.