8-KLeadership ChangesRegulation FDExhibits & Filings

ROSS STORES, INC. 8-K Report, Executive Changes (Sep 29, 2021)

Filed September 29, 2021For Securities:ROST

Summary

This 8-K filing by Ross Stores, Inc. (ROST) announces a significant leadership change: Adam Orvos has been appointed Executive Vice President, Chief Financial Officer (CFO), effective October 1, 2021. Mr. Orvos brings a wealth of experience in retail finance and operations, having previously held senior roles at Neiman Marcus, Lowe's, and Belk Department Stores, among others. His appointment signals continuity and a focus on financial leadership as the company navigates the retail landscape. The filing also details Mr. Orvos's new executive employment agreement, including his base salary, a substantial restricted stock award, and significant relocation benefits. These terms reflect the company's commitment to attracting and retaining key executive talent. Investors should note the terms of his contract, including its initial term through September 2025, provisions for annual bonuses, severance, and standard executive protections such as non-solicitation and non-disparagement clauses.

Key Highlights

  • 1Adam Orvos appointed Executive Vice President, Chief Financial Officer (CFO) effective October 1, 2021.
  • 2Mr. Orvos has extensive prior experience in senior financial and operational roles at prominent retail companies including Neiman Marcus, Lowe's, and Belk.
  • 3New executive employment agreement for Mr. Orvos includes an initial term through September 30, 2025.
  • 4Mr. Orvos's compensation package features a $750,000 base salary and a restricted stock award valued at $4,250,000.
  • 5Significant relocation benefits are provided, including $2,500,000 in relocation bonus payments and a 12-month housing allowance.
  • 6The agreement includes standard provisions for annual cash incentive bonuses, severance benefits, and restrictive covenants like non-solicitation and non-disparagement.
  • 7The company issued a press release on September 29, 2021, detailing Mr. Orvos's appointment.

Frequently Asked Questions

Adam Orvos has been appointed as the new Executive Vice President, Chief Financial Officer, and principal financial and accounting officer, effective October 1, 2021.

Mr. Orvos has a strong background in retail finance and operations. He joined Ross Stores in January 2021 as Group Senior Vice President, Supply Chain Administration. Previously, he served as Senior Vice President, Retail Finance and Global Financial Planning & Analysis at Lowe's, CFO and COO at Neiman Marcus, and held various senior roles including CFO at Belk Department Stores.

Mr. Orvos will receive a base salary of $750,000 per year, a restricted stock award with a notional value of $4,250,000 vesting over several years, and substantial relocation benefits including a $2,500,000 bonus and a monthly housing allowance for 12 months.

The new executive employment agreement for Mr. Orvos has an initial term through September 30, 2025, subject to renewal by mutual agreement.