SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c) Appointment of Officer.
Effective October 1, 2021, the Board of Directors of Ross Stores, Inc. (the “Company”) has appointed Adam Orvos as Executive Vice President, Chief Financial Officer, and designated him as principal financial officer and principal accounting officer. Mr. Orvos will be 57 when he takes office in his new role.
Mr. Orvos joined Ross Stores in January 2021 as Group Senior Vice President, Supply Chain Administration. Previously he served as Senior Vice President, Retail Finance and Global Financial Planning & Analysis at Lowe’s from 2019 to 2020; Chief Financial Officer and Chief Operating Officer at Neiman Marcus from 2018 to 2019; and Executive Vice President – Retail and then Chief Executive Officer at Total Wine & More from 2016 to 2017. He also held several senior management positions at Belk Department Stores from 2006 to 2016, where he eventually became its Chief Financial Officer. Mr. Orvos began his retail career in 1987 at The May Department Stores Company, where he spent almost two decades in various financial roles ultimately rising to Chief Financial Officer at the Foley’s division.
As of the effective date of his promotion, Mr. Orvos has entered into a new executive employment agreement with the Company that provides for him to serve an initial term through September 30, 2025, subject to renewal by mutual agreement. Mr. Orvos is to receive a base salary of $750,000 per year. In connection with his promotion, he will also receive a Restricted Stock Award based on the closing price of the Company’s common stock on that day, with a notional value of $4,250,000 (vesting 20% on October 3, 2022, 20% on September 15, 2023, 30% on September 13, 2024, and 30% on September 12, 2025). He will also receive relocation benefits, including relocation bonus payments totaling $2,500,000, and a monthly $20,000 housing allowance for 12 months.
The new employment agreement for Mr. Orvos, like his prior agreement with the Company, also includes provisions regarding an annual cash incentive bonus with a target based on a percentage of his salary, severance benefits (including in the event of termination in conjunction with a change of control), reimbursement of certain estate planning costs, participation in benefit plans, and paid vacation days, on substantially similar terms to those the Company provides to its other senior executive officers, as described in the Company’s Proxy Statement filed with the Securities Exchange Commission on April 6, 2021. His employment agreement also includes provisions regarding non-solicitation of Company employees and business counterparties for 24 months following termination, non-disparagement, protection of Company confidential information, potential recoupment by the Company of performance-based compensation received if financial results are subsequently restated, and arbitration of disputes.
Item 7.01 Regulation FD Disclosure.
On September 29, 2021, the Company issued a press release regarding the appointment of Mr. Orvos. The full text of the Company’s press release is attached hereto as Exhibit 99.1.
The information furnished with this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
|99.1||September 29, 2021 Press Release by Ross Stores, Inc.|
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 29, 2021
|ROSS STORES, INC.|
|By:||/s/ Ken Jew|
|Group Senior Vice President, General Counsel and Corporate|
FOR IMMEDIATE RELEASE
|Group Vice President, Investor & Media Relations|
ROSS STORES APPOINTS ADAM ORVOS
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
Dublin, California, September 29, 2021 -- Ross Stores, Inc. (NASDAQ: ROST) announced today that Adam Orvos, currently Group Senior Vice President, Supply Chain Administration, is being promoted to Executive Vice President and Chief Financial Officer effective October 1, 2021. In his new role, Mr. Orvos will be responsible for the Company’s accounting, treasury, financial planning, tax, corporate social responsibility, and investor relations functions. As CFO, he will report to Michael Hartshorn, Group President and Chief Operating Officer.
Mr. Orvos joined Ross Stores in January 2021 as Group Senior Vice President, Supply Chain Administration. His 34 years of broad-based retail management experience includes serving as Chief Financial Officer for Neiman Marcus, Belk Department Stores, and the Foley’s Division of The May Department Stores Company. He has also held senior executive roles at Lowe’s and Total Wine & More.
Barbara Rentler, Chief Executive Officer, commented, “Adam is a talented senior executive who brings numerous years of financial leadership and a broad operational background to his new position of CFO for Ross. We are confident that his proven financial management experience, business acumen, and deep understanding of the retail industry will be valuable assets as he assumes this important role for the Company.”
|ROSS STORES, INC.||5130 Hacienda Drive, Dublin, CA 94568||(925) 965-4400|
Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2020 revenues of $12.5 billion. The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,611 locations in 40 states, the District of Columbia, and Guam as of July 31, 2021. 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 285 dd’s DISCOUNTS® stores in 21 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 as of July 31, 2021. Additional information is available at www.rossstores.com.