Ross Stores (ROST) CEO Balmuth Will Transition to Chairman in FY14
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Price: $65.12 -0.72%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 1.2%
Revenue Growth %: +15.0%
Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 1.2%
Revenue Growth %: +15.0%
Trade ROST Now!
Ross Stores, Inc. (Nasdaq: ROST) has approved an updated long-term management succession plan. This includes the Company's entry into a new employment agreement with Michael Balmuth, Vice Chairman and Chief Executive Officer, extending through May 2016.
The agreement calls for Mr. Balmuth, 62, to continue as CEO until June 1, 2014, when he will become Executive Chairman. At the same time, the Board expects to elect a new Chief Executive Officer from the Company's strong bench of very talented and skilled senior executives. The new CEO will report directly to the Board of Directors and assume responsibility for most areas of the business.
In his new role as Executive Chairman, Mr. Balmuth will remain an active employee of the Company with property development and dd's DISCOUNTS continuing to report to him. Norman Ferber, the Company's Chairman of the Board, will become Chairman Emeritus in June 2014, with his current consulting responsibilities to remain unchanged.
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The agreement calls for Mr. Balmuth, 62, to continue as CEO until June 1, 2014, when he will become Executive Chairman. At the same time, the Board expects to elect a new Chief Executive Officer from the Company's strong bench of very talented and skilled senior executives. The new CEO will report directly to the Board of Directors and assume responsibility for most areas of the business.
In his new role as Executive Chairman, Mr. Balmuth will remain an active employee of the Company with property development and dd's DISCOUNTS continuing to report to him. Norman Ferber, the Company's Chairman of the Board, will become Chairman Emeritus in June 2014, with his current consulting responsibilities to remain unchanged.
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