Summary
Ross Stores, Inc. (ROST) has entered into a new employment agreement with James S. Fassio, its President and Chief Development Officer, extending his tenure through March 31, 2020. This agreement supersedes his previous contract and outlines a structured transition plan for his role. Mr. Fassio will continue as President and CDO until at least April 1, 2018, with potential for extensions through March 31, 2020, based on mutual agreement and his notification. Following this period, he is slated to transition to a Senior Advisor role until the agreement's conclusion. The agreement details Mr. Fassio's compensation, including a base salary of at least $975,000 while in his current role, eligibility for significant annual bonuses, and continued participation in stock awards. As Senior Advisor, his salary will be 75% of his final President and CDO salary, with adjusted bonus targets and continued eligibility for performance share awards. A key retention incentive includes a $775,000 bonus if he remains employed through March 31, 2020, along with lifetime executive medical and dental benefits for himself and his spouse, and coverage for a dependent child until age 26.
Key Highlights
- 1New employment agreement signed with President and Chief Development Officer, James S. Fassio, extending through March 31, 2020.
- 2Mr. Fassio to continue as President and CDO until at least April 1, 2018, with options for renewal up to March 31, 2020.
- 3Transition to Senior Advisor role planned for April 1, 2018, concluding March 31, 2020.
- 4Compensation includes a base salary of at least $975,000 as President/CDO, with bonuses and stock awards.
- 5Senior Advisor compensation includes 75% of final President/CDO salary, adjusted bonus targets, and continued performance share awards.
- 6A $775,000 retention bonus is payable if Mr. Fassio remains employed through March 31, 2020.
- 7Extended executive medical and dental benefits for Mr. Fassio, his spouse, and a dependent child are included as part of the agreement.