Leadership Change At Ross Stores: Bjorklund To Succeed Balmuth As Board Chair

Ross Dress for Less Store Credits: Ross Stores

Ross Stores, Inc. announced a leadership transition, with its board of directors approving a succession plan that will see long-time executive chairman Michael Balmuth step down on January 31, 2026. Balmuth, who has served on the board for nearly 30 years, will retire from board when he steps down as executive chairman and will continue as senior advisor to the company through March 31, 2026.

The board has appointed K. Gunnar Bjorklund, current board member and lead independent director, to succeed Balmuth as chairman of the board, effective February 1, 2026.

Balmuth praised his successor, stating, “On behalf of the Board, we congratulate Gunnar Bjorklund on his appointment as our next Board Chair. Gunnar has long served as an independent Board member with deep knowledge of the Company and the off-price retail sector, along with a strong background in shaping consumer-driven business strategies. His insights and leadership will continue to be significant assets to the Company and its shareholders.”

Reflecting on his nearly three decades with Ross, Balmuth added, “It has been my privilege to have served on the Board for almost three decades, and I am deeply grateful for the collaboration and support of my fellow Board members and the Company’s executive leadership. Together, we have navigated meaningful milestones, and I am confident that the Company is well-positioned to achieve continued growth in both the near and long term.”

Incoming board chair Bjorklund expressed appreciation for Balmuth’s legacy, saying, “The Board extends its sincere gratitude to Michael for his extraordinary leadership and vision, which transformed Ross into the strong, nationally recognized company it is today. Under his guidance, Ross evolved from a 300-store regional chain into a leading retailer, operating two successful banners with more than 2,200 stores across the country. His strategic foresight and relentless drive have been instrumental in shaping our growth and leading industry position.”

Chief executive officer Jim Conroy also paid tribute to Balmuth’s impact on the company: “Michael’s steady leadership helped build the foundation of Ross Stores. His solid guidance, strong market relationships, and ability to develop countless executives have left a legacy that will serve the Company for years to come. I am personally grateful for his mentorship and for the smooth and thoughtful transition he created for my onboarding.”