04:52 PM EST, 11/24/2025 (MT Newswires) -- Ross Stores ( ROST ) said late Monday that Michael Balmuth will step down as executive board chairman, effective Jan. 31, 2026.

Balmuth will also retire from the board and transition to the role of a senior advisor through March 31, 2026, the company said.

Gunnar Bjorklund will succeed Balmuth as board chairman, starting Feb. 1, 2026. Bjorklun is a board member and a lead independent director, according to a statement.