Ross Stores Inc.
Michael Balmuth to Step Down as Ross Stores' Executive Chairman; K. Gunnar Bjorklund Appointed Successor
Summary
Ross Stores, Inc. announced that Michael Balmuth will step down as Executive Chairman on January 31, 2026, and retire from the Board concurrently. K. Gunnar Bjorklund, the current Lead Independent Director, will succeed him as Chairman, effective February 1, 2026. Balmuth will remain with the company as a Senior Advisor until March 31, 2026. The Board has also approved a reduction in authorized Board seats from eleven to ten.
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About Ross Stores Inc.
Ross Stores Inc., commonly referred to as Ross Dress for Less, is a leading American off-price retail company specializing in offering a wide selection of in-season, quality apparel, accessories, footwear, and home fashion. The company operates a large network of retail stores across the United States, catering to value-conscious customers by providing brand-name products at substantial discounts compared to regular department and specialty store prices. Founded in 1982, Ross Stores has carved out a significant niche in the retail sector, focusing on a cost-efficient model that emphasizes lower operational costs and minimized distribution expenses. This strategy allows them to pass savings directly to consumers, enhancing their competitive advantage in the off-price retail landscape. With its headquarters in Dublin, California, Ross Stores continuously adapts to changing consumer trends and preferences by optimizing merchandise assortments and maintaining a fresh yet affordable inventory. Its consistency in delivering value has made it a preferred shopping destination for budget-minded individuals, thus holding a crucial role in the retail market.
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