This excerpt taken from the ROST 8-K filed Feb 11, 2005.
President and COO James C. Peters Departs Company
Pleasanton, California, February 8th, 2005 -- Ross Stores, Inc. (Nasdaq: ROST) today announced a new management structure designed to enhance decision-making and support the Companys future growth objectives. As part of todays announcement, seven executives in operations and merchandising have been promoted. James C. Peters, who served as President and Chief Operating Officer since 2000, has resigned from the Company and Board of Directors. Michael Balmuth, Vice Chairman and Chief Executive Officer, has assumed the additional title of President.
All of these executives will report directly to Mr. Balmuth.
The Company also announced that Michael Wilson, 51, has rejoined Ross as Senior Vice President, Distribution and Transportation reporting to Mr. Cribb. Mr. Wilson, a four-year veteran of Ross Stores before leaving in 2003, replaces Jeff Klingensmith, who has resigned from the Company.
Ross Stores has grown significantly in recent years. Our new, more focused management structure is expected to facilitate improved execution of our off-price strategies. We will have narrower spans of control that are designed to improve our ability to manage the complexities that accompany our ongoing expansion, said Mr. Balmuth.
We are fortunate to have an experienced and highly skilled cadre of senior managers. Our actions today recognize their accomplishments and call on them to assume greater responsibility for driving growth and increasing shareholder value. We have great confidence in their ability to do both, Mr. Balmuth continued.
Regarding Mr. Peters, Mr. Balmuth said, Jim has made many important contributions to the Company. We thank him and wish him well in his future endeavors.
Forward-Looking Statements: This press release contains forward-looking statements regarding the Companys new management structure and its ability to facilitate improved execution of the Companys off-price strategies to drive growth and increase shareholder value, all of which are subject to risks and uncertainties that could cause the Companys actual results to differ materially from managements current expectations. The words plan, expect, anticipate, estimate, believe, forecast, project, guidance, looking ahead and similar expressions identify forward-looking statements. Risk factors for Ross Stores and dds DISCOUNTSSM include, without limitation, the Companys ability to successfully and quickly implement, integrate and correct difficulties in various new supply chain and core merchandising systems, including generation of all necessary information in a timely and cost effective manner, achieving and maintaining targeted levels of productivity and efficiency in its distribution centers, obtaining acceptable new store locations, competitive pressures in the apparel industry, changes in the level of consumer spending on or preferences for apparel or home-related merchandise, changes in geopolitical and general economic conditions, unseasonable weather trends, lower than planned gross margin and greater than planned operating costs. Other risk factors are detailed in the Companys Form 10-K for fiscal 2003. The factors underlying our forecasts are dynamic and subject to change. As a result, our forecasts speak only as of the date they are given and do not necessarily reflect the Companys outlook at any other point in time. The Company does not undertake to update or revise these forward-looking statements.
Ross Stores, Inc., a Fortune 500 and Nasdaq 100 (ROST) company headquartered in Pleasanton, California, is the nations second-largest off-price company with 2004 revenues of $4.2 billion. As of year-end 2004, the Company operated 639 Ross stores in 26 states and Guam in addition to ten dds DISCOUNTSSM stores located in California. Ross Stores offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 60 percent off department and specialty store regular prices. dds DISCOUNTSSM features a more moderate assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 70 percent off moderate department and discount store regular prices. Additional information is available on the Companys website at www.rossstores.com.
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