Ross Stores chairman Orban to step down

Ross Stores announced that its Board of Directors has approved the following changes to its Board leadership and composition effective September 1, 2023: George P. Orban will step down as Chairman of the Board while continuing to serve as an independent Director; Michael Balmuth, currently Strategic Advisor to the Company, will return to the Executive Chairman of the Board role; K. Gunnar Bjorklund will become Lead Independent Director. In commenting, Chairman George 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.”