Summary
Ross Stores, Inc. (ROST) filed a Form 8-K on November 21, 2007, to report a significant change in its board composition. The key event is the appointment of Mr. John W. Froman as a new independent director to the Board of Directors, effective November 20, 2007. Mr. Froman's initial term is set to expire at the 2010 Annual Stockholders’ Meeting, and he has also been appointed to the Nominating and Corporate Governance Committee. This appointment is notable as it enhances the board's independence, meeting NASDAQ Stock Market listing standards. Mr. Froman's compensation will follow the company's standard arrangements for non-employee directors, including cash compensation and stock options. The filing also lists the press release announcing this appointment as an exhibit.
Key Highlights
- 1Appointment of Mr. John W. Froman as a new independent director to the Board of Directors, effective November 20, 2007.
- 2Mr. Froman's term as director will expire at the 2010 Annual Stockholders’ Meeting.
- 3Mr. Froman has been appointed to the Nominating and Corporate Governance Committee.
- 4Mr. Froman qualifies as an independent director under NASDAQ Stock Market listing standards.
- 5Compensation for Mr. Froman will include cash and stock options as per the company's standard non-employee director arrangements.
- 6The filing includes a press release (Exhibit 99.1) announcing Mr. Froman's appointment.