Ross Stores Announces Changes to Its Board Leadership
01 September 2023 - 6:15AM
Business Wire
Ross Stores, Inc. (Nasdaq: ROST) announced today that its Board
of Directors has approved the following changes to its Board
leadership and composition effective September 1, 2023:
- George P. Orban will step down as Chairman of the Board while
continuing to serve as an independent Director.
- Michael Balmuth, currently Strategic Advisor to the Company,
will return to the Executive Chairman of the Board role.
- K. Gunnar Bjorklund will become Lead Independent Director.
In commenting, Chairman George Orban said, “While personal
reasons were the catalyst for my stepping down as Chairman, I plan
to stay actively involved in the business as an independent
Director. Also, on behalf of the entire Board, we are delighted
that Michael Balmuth has agreed to become Executive Chairman of the
Board. He previously served as Chairman of the Board from 2014 to
2021, including Executive Chairman to 2019 before transitioning
into an advisory role. We also thank Gunnar Bjorklund for assuming
the Lead Independent Director position.”
Michael Balmuth said, “I look forward to partnering in my new
role with the talented and experienced executives on our Board and
throughout the entire Company. I am confident that together we will
continue to maximize our opportunities for growth and profitability
over the coming years.”
Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100
(ROST) company headquartered in Dublin, California, with fiscal
2022 revenues of $18.7 billion. Currently, the Company operates
Ross Dress for Less® (“Ross”), the largest off-price apparel and
home fashion chain in the United States with 1,722 locations in 41
states, the District of Columbia, and Guam. Ross offers
first-quality, in-season, name brand and designer apparel,
accessories, footwear, and home fashions for the entire family at
savings of 20% to 60% off department and specialty store regular
prices every day. The Company also operates 339 dd’s DISCOUNTS®
stores in 22 states that feature a more moderately-priced
assortment of first-quality, in-season, name brand apparel,
accessories, footwear, and home fashions for the entire family at
savings of 20% to 70% off moderate department and discount store
regular prices every day. Additional information is available at
www.rossstores.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230831353414/en/
Adam Orvos Executive Vice President, Chief Financial Officer
(925) 965-4550 Connie Kao Group Vice President Investor Relations
(925) 965-4668 connie.kao@ros.com
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