Ross Stores, Inc. announced on Tuesday that its vice chair and CEO Barbara Rentler will step down as CEO in early 2026 as the board looks for her successor. After a replacement is named, Rentler will stay on board in an advisory role though the end of March 2027.
Rentler has served as CEO and board member of Ross Stores since 2014 and has served as vice chair of the board since 2021. Prior to that, she served as president and chief merchandising officer of Ross between 2009 and 2014. Between 2006 and 2009, she served as EVP of merchandising. She joined Ross in 1986.
“Serving as CEO and leading the incredibly talented and committed teams we have throughout the business has been, and continues to be, a great privilege,” Rentler said. “I look forward to our continued success.”
In explaining the announcement, Ross board chairman George Orban said the succession plan will “enable us to continue to benefit from Barbara’s more than three decades of leadership at Ross, while supporting a smooth transition to a new CEO.”
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Like other retailers, Ross has recently been impacted by turbulent conditions in the macroeconomic environment, including inflation pressures and a general consumer pullback on discretionary items. However, the off-price retailer is also in a position to offer value for consumers looking to save money. In the first quarter, Ross reported earnings per share of $1.09, with net earnings of $371 million, compared to last year’s Q1 earnings per share of $0.97 and net income of $338 million. Q1 sales were $4.5 billion, up from $4.3 billion in Q1 of 2022, with comparable store sales up 1 percent.
“We remain focused on delivering the most compelling bargains possible while diligently managing expenses and inventory to maximize our opportunities for growth,” Rentler said in a call with analysts discussing results for the first quarter.
At the same time, Ross is forging ahead with an ambitious store expansion plan. The retailer in March said it was targeting roughly 100 new store openings in fiscal 2023. This includes about 75 Ross Dress for Less locations and about 25 stores under the dd’s Discounts banner.
