8-KLeadership Changes

ROSS STORES, INC. 8-K Report, Executive Changes (Jan 31, 2022)

Filed January 31, 2022For Securities:ROST

Summary

This 8-K filing from Ross Stores, Inc. (ROST) announces a new Executive Employment Agreement for Michael Kobayashi, President of Operations and Technology. The agreement extends his tenure with the company through March 31, 2027, signaling continued leadership and stability in key operational and technological functions. Mr. Kobayashi will transition to a Chief Capability Officer (CCO) role through March 2025, with an option to renew. Following this, he has the potential to transition to a Consultant role until March 2027, ensuring continued strategic support and knowledge transfer.

Key Highlights

  • 1Michael Kobayashi, President of Operations and Technology, has a new Executive Employment Agreement.
  • 2The agreement extends Mr. Kobayashi's employment through March 31, 2027.
  • 3Mr. Kobayashi will assume the title of President and Chief Capability Officer (CCO) from February 1, 2022, through March 31, 2025.
  • 4There is an option for Mr. Kobayashi to renew his CCO role beyond March 31, 2025, subject to mutual approval.
  • 5If not renewed as CCO, Mr. Kobayashi will transition to a Consultant role from April 1, 2025, through March 31, 2027.
  • 6In all capacities, Mr. Kobayashi will continue to report to the Company’s Group President, Chief Operating Officer.

Frequently Asked Questions

The new agreement extends Mr. Kobayashi's tenure with Ross Stores through March 31, 2027, providing leadership continuity in crucial operational and technological areas. It also outlines a clear path for his future roles, including a transition to a consultant position, ensuring his expertise remains available to the company.

Effective February 1, 2022, Mr. Kobayashi will hold the title of President and Chief Capability Officer (CCO) through March 31, 2025. After this period, he may transition to a Consultant role until March 31, 2027.

Mr. Kobayashi has the option to notify the company by September 30, 2023, if he wishes to renew his CCO position beyond March 31, 2025. If renewed, he will continue as CCO. If not renewed, he will transition to a Consultant role, continuing to provide services to the company until March 31, 2027.

In all his roles, whether as President, Chief Capability Officer, or Consultant, Mr. Kobayashi will continue to report to the Company’s Group President, Chief Operating Officer.