Ross ceo to exit in summer 2014
Retail Editor 2 -- Home Textiles Today, August 17, 2012
Pleasanton, Calif. - Ross Stores vice chairman and ceo Michael Balmuth will step down as chief executive June 1, 2014, after which will become executive chairman.
The off-price chain's board of directors said it expects to elect a new ceo from within the company's executive ranks.
In his role as executive chairman, Balmuth will remain an active employee of the company, with property development and dd's Discounts continuing to report to him. He has been with the company for 23 years - 16 of them as ceo.
Norman Ferber, Ross' chairman of the board, will become chairman emeritus in June 2014, with his current consulting responsibilities to remain unchanged.