Summary
Ross Stores, Inc. (ROST) announced a change to its Board of Directors through an 8-K filing on October 6, 2022. The company has elected Mr. Edward G. Cannizzaro as a new member of its Board, effective October 14, 2022. This appointment will increase the total number of directors to eleven and Mr. Cannizzaro will serve on both the Audit Committee and the Nominating and Corporate Governance Committee. His election is considered an independent director appointment under NASDAQ listing rules. Mr. Cannizzaro's compensation for his board service will consist of standard cash payments and restricted stock grants, as determined by the Compensation Committee. This filing primarily serves to disclose the board composition change and its related personnel appointments, providing transparency to investors regarding the company's governance structure.
Key Highlights
- 1Edward G. Cannizzaro elected as a new independent director to the Board of Directors, effective October 14, 2022.
- 2The size of the Board of Directors has been increased from ten to eleven members.
- 3Mr. Cannizzaro will serve on the Audit Committee and the Nominating and Corporate Governance Committee.
- 4Mr. Cannizzaro meets the independence requirements of the NASDAQ Stock Market listing rules.
- 5Compensation for Mr. Cannizzaro will include cash and restricted stock, following the company's standard arrangements.
- 6The announcement was made via a press release filed as Exhibit 99.1.