Ross Stores Announces Departure of Travis Marquette, Executive Vice President and Chief Financial Officer

Rhea-AI Summary

Ross Stores, Inc. (NASDAQ: ROST) announced the immediate resignation of Travis Marquette, CFO since 2019, who is leaving for another company. During the transition, senior Finance executives will report to Michael Hartshorn, Group President and COO, until new leadership is appointed. CEO Barbara Rentler expressed gratitude for Marquette's contributions and confidence in the existing Finance team to continue driving profitable growth. Ross operates 1,589 Ross Dress for Less® locations and 285 dd’s DISCOUNTS® stores, offering significant savings on in-season, name-brand products.

Positive

• Strong senior Finance team remains in place to ensure continuity.
• CEO expresses confidence in team's ability to drive profitable growth and market share gains.

Negative

• Immediate resignation of CFO may lead to uncertainty during the transition period.

Ross Stores, Inc. (NASDAQ: ROST) announced today that Travis Marquette, the Company’s Executive Vice President and Chief Financial Officer since 2019, has resigned effective immediately to accept a position with another company. The Company’s senior Finance executives will report to Michael Hartshorn, the Company’s Group President and Chief Operating Officer, until Finance leadership changes are announced in the coming months.

In commenting, Barbara Rentler, Chief Executive Officer, said, “Travis has made a number of contributions over the years in various leadership roles. We thank him and wish him well in his future endeavors.”

Ms. Rentler added, “We have a very talented and long-tenured team of senior Finance executives and have confidence in their ability to aid in the continued profitable growth and market share gains for the Company.”

Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2020 revenues of $12.5 billion. Currently, the Company operates Ross Dress for Less^® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,589 locations in 40 states, the District of Columbia, and Guam. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 285 dd’s DISCOUNTS^® stores in 21 states that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210714005859/en/

FAQ

Who has resigned from Ross Stores as CFO?

Travis Marquette has resigned from his position as CFO of Ross Stores.

What is the reason for Travis Marquette's resignation from Ross Stores?

Travis Marquette resigned to accept a position with another company.

Who will oversee the Finance team at Ross Stores after Marquette's resignation?

Michael Hartshorn, Group President and COO, will oversee the Finance team until new leadership is appointed.

What has the CEO of Ross Stores said about the resignation?

CEO Barbara Rentler thanked Marquette for his contributions and expressed confidence in the Finance team's capabilities.

How many stores does Ross Stores operate?

Ross Stores operates 1,589 Ross Dress for Less® locations and 285 dd’s DISCOUNTS® stores.