ROST Ross Stores Inc

By Dave Sebastian 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (August 15, 2019).

Ross Stores Inc. on Tuesday promoted four of its executives, including finance chief Michael Hartshorn to group president and operating chief, effective Friday.

Mr. Hartshorn, 51 years old, has served as group executive vice president for finance and legal affairs since March, the company said. He joined the Dublin, Calif.-based discount department chain in 2000 as a director and assistant controller and has held management roles in finance, technology and supply chain.

With his promotion Tuesday, Mr. Hartshorn will add strategy, marketing, human resources and stores to his responsibilities, the company said.

Mr. Hartshorn succeeds Michael O'Sullivan, who resigned in April as president and operating chief to become chief executive of Burlington Stores Inc.

Succeeding Mr. Hartshorn as chief financial officer is Travis Marquette, who previously served as deputy CFO.

Mr. Marquette, 48, will continue to serve as group senior vice president, a post he has held since 2018. Since joining Ross in 2008 as director in strategic planning, Mr. Marquette has held management roles in store operations and finance.

Mr. Marquette will receive a base annual salary of $675,000, as well as a restricted stock award with a notional value of $1.2 million, a regulatory filing shows.

Ross's revenue climbed 6% to $3.8 billion in the first quarter, according to a filing. The company is expected to report second-quarter earnings Aug. 22.

The company announced the executive moves after the close of trading on Tuesday. Shares closed at $106.44, up 3.1%, on the Nasdaq.

Ross also said it is promoting Michael Kobayashi to president in operations and technology from his role as group executive vice president in supply chain, merchant operations and technology -- a post he has held since 2014. Since joining Ross in 2004, Mr. Kobayashi, 55, has also been chief information officer as well as in management roles in supply chain and allocation.

Gary Cribb, the company's group executive in stores and loss prevention since 2018, will become senior group executive vice president in stores and loss prevention. Mr. Cribb, 55, has served as operating chief as well as in management roles in store operations since he joined the company in 2002.

Mark Maurer

contributed to this article.

(END) Dow Jones Newswires

August 15, 2019 02:47 ET (06:47 GMT)

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