8-KLeadership Changes

ROSS STORES, INC. 8-K Report, Executive Changes (Mar 21, 2016)

Filed March 21, 2016For Securities:ROST

Summary

This 8-K filing from Ross Stores, Inc. (ROST) announces a key leadership change within its merchandising division. Effective March 16, 2016, Bernard Brautigan has been appointed President, Merchandising for Ross Dress for Less. This promotion reflects Mr. Brautigan's extensive experience and tenure with the company, having held various significant merchandising roles since 2003, following a 20-year career at Macy's East. Investors should note that this appointment is accompanied by a new employment agreement detailing Mr. Brautigan's compensation, including a base salary of at least $1,090,000 and a target annual bonus of 90% of salary. The agreement also outlines terms for severance, benefits, and standard provisions such as non-competition and non-solicitation clauses. This move signifies continued investment in experienced leadership to drive the company's merchandising strategy.

Key Highlights

  • 1Bernard Brautigan appointed President, Merchandising for Ross Dress for Less, effective March 16, 2016.
  • 2Mr. Brautigan has a long history with Ross Stores, holding various merchandising leadership positions since 2003.
  • 3New employment agreement sets initial term through March 31, 2020.
  • 4Guaranteed annual salary of at least $1,090,000.
  • 5Annual cash incentive bonus with a target of at least 90% of salary.
  • 6Agreement includes standard provisions such as severance, change of control benefits, non-competition, and non-solicitation clauses.

Frequently Asked Questions

Bernard Brautigan has been appointed President, Merchandising for Ross Dress for Less, effective March 16, 2016. He has a substantial background in merchandising, having worked for Ross Stores since 2003 in various leadership capacities and previously for Macy's East for 20 years.

His new employment agreement includes a base salary of at least $1,090,000 per year and an annual cash incentive bonus with a target of at least 90% of his salary. The agreement also details severance benefits and participation in company benefit plans.

Yes, the agreement includes standard restrictive covenants such as non-competition and non-solicitation of Company employees and business counterparties for 24 months following termination, as well as non-disparagement clauses.

This promotion of an experienced internal executive to a key merchandising leadership role suggests continuity and confidence in the existing strategy rather than a significant shift. It reinforces the company's focus on its established merchandising approach.