Ross Stores, Inc. announced that George Orban is stepping down as chairman but will continue to serve as an independent director. Michael Balmuth, a strategic advisor to the company, is returning as executive chairman of the board.
Ross Stores also announced that K. Gunnar Bjorklund is taking on the role of lead independent director.
In commenting, Orban said, “While personal reasons were the catalyst for my stepping down as chairman, I plan to stay actively involved in the business as an independent director. Also, on behalf of the entire Board, we are delighted that Michael Balmuth has agreed to become executive chairman of the Board. He previously served as chairman of the Board from 2014 to 2021, including executive chairman to 2019 before transitioning into an advisory role. We also thank Gunnar Bjorklund for assuming the lead independent director position.”
Balmuth said, “I look forward to partnering in my new role with the talented and experienced executives on our Board and throughout the entire company. I am confident that together we will continue to maximize our opportunities for growth and profitability over the coming years.”
