Ross Stores, Inc. announced that its Board of Directors has approved a succession plan under which Barbara Rentler (56), President and Chief Merchandising Officer will become Chief Executive Officer and Michael O'Sullivan (50) will continue as President and Chief Operating Officer. Both Ms. Rentler and Mr. O'Sullivan will join the Company's Board of Directors.
-Barbara Rentler To Become CEO Effective June 1, 2014
-Michael O'Sullivan Continues As President And Chief Operating Officer
-Both Executives Named to Board of Directors
-Michael Balmuth to Become Executive Chairman
As previously announced, Michael Balmuth (63), Vice Chairman and Chief Executive Officer since 1996, will become Executive Chairman of the Board and continue to play an integral role on the senior management team. These changes will be effective on June 1, 2014.
Mr. Balmuth said, "We are delighted to announce the team which will lead Ross Stores into the future, as we seek to build on our strong record of growth. Barbara and Michael are talented executives with complementary skills, and each has made extraordinary contributions to our Company over the course of their long careers here."
"Barbara is a gifted merchant and demonstrated leader who has been part of our Company's growth for 28 years. She has played an important role in developing an exceptional team of off-price merchants whose abilities to procure great bargains have been a key driver of our success. Her strong merchandising expertise and management skills give me great confidence that she will be an excellent CEO.
"In his 11 years with Ross, Michael's keen business acumen and proven leadership abilities have been instrumental in strengthening our strategic focus and operations to ensure that we have a solid foundation to support our long-term growth plans. Their successful partnership will enhance our prospects for continued increases in profitability and stockholder returns in the years to come."
The Company also announced the following promotions effective June 1, 2014:
Lisa Panattoni (51) will be promoted to President, Merchandising, Ross Dress for Less from her current position as Group Executive Vice President. In her new role, Ms. Panattoni will be responsible for all of the Home businesses, Men's, Junior Sportswear, Lingerie, and Cosmetics, reporting to Ms. Rentler.
Bernard Brautigan (49) will become Group Executive Vice President, Merchandising, Ross Dress for Less, a promotion from his current position as Executive Vice President. He will be responsible for most of the Ladies apparel businesses, Children's, Shoes, Accessories, and Jewelry, also reporting to Ms. Rentler.