Ross Stores Inc.
09/02/2025 | Press release | Distributed by Public on 09/02/2025 14:19
Management Change/Compensation (Form 8-K)
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.
As previously announced, Adam Orvos, the current Chief Financial Officer ("CFO") of Ross Stores, Inc. (the "Company"), is scheduled to retire from his role as CFO and from his employment with the Company, effective September 30, 2025. Consistent with the announced CFO succession plan, the Company's Board of Directors has appointed William Sheehan as Executive Vice President and Chief Financial Officer, and designated him as principal financial officer of the Company, effective October 1, 2025. Mr. Sheehan currently serves as the Company's Deputy CFO. Mr. Sheehan will be 56 when he takes office in his new role.
Mr. Sheehan has more than 34 years of broad-based financial experience in the retail industry. Mr. Sheehan has most recently been serving as Group Senior Vice President, Finance and Deputy Chief Financial Officer since February 2025, having previously held the role of Group Senior Vice President, Finance since 2021. He joined the Company in February 2006 as Vice President, Corporate Controller, and assumed the role of Group Vice President, Corporate Controller in 2011. He later served as Group Vice President, Finance and Treasurer from 2014 to 2017 and Senior Vice President, Finance from 2017 to 2021. Previously, he held several leadership roles at Lord & Taylor.
Mr. Sheehan has entered into a new executive employment agreement with the Company effective October 1, 2025, that provides for him to serve an initial term through March 31, 2029, subject to renewal by mutual agreement. Mr. Sheehan will receive a base salary of $775,000 per year and an annual incentive cash bonus with a target of 75% of salary. 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 $1,200,000 (vesting 100% on September 14, 2029).
The new employment agreement for Mr. Sheehan, like his prior agreement with the Company, also includes provisions regarding 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 8, 2025, page 45. The employment agreement also includes provisions regarding non-solicitation of Company employees and business counterparties, 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.
Ross Stores Inc. published this content on September 02, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 02, 2025 at 20:19 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]