Ross Stores (NASDAQ:ROST) announced Wednesday the promotion of Barbara Rentler to CEO as part of its long-term management succession plan. Rentler has served as president and CMO of Ross Dress for Less since December 2009 and assumes her new role June 1.
Rentler will succeed Michael Balmuth, who announced nearly two years ago his intent to step down as CEO this year and become executive chairman. Balmuth will continue to play an integral role on the senior management team, according to the company. Balmuth had been CEO and director for 18 years.
Rentler, 56, has held various merchandising positions since joining the company in February 1986. She was exec-VP of merchandising from December 2006 to December 2009, and exec-VP and CMO of dd's Discounts from February 2005 to December 2006.
As part of the succession plan, Jim Fassio, president and chief development officer, as well as Doug Baker, president and CMO of dd's Discounts, will continue to report directly to Balmuth.
The plan also calls for current chairman Norman Ferber to become chairman emeritus in June 2014 and also remain director, with his consulting responsibilities remaining unchanged. Ferber has been the chairman of the board since 1993.
Ross Stores operates Ross Dress for Less, with 1,172 stores in 33 states and Guam. It also has 137 dd's Discounts in 10 states.
-See this Ross Stores press release
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