James Conroy, a 54-year-old executive, is set to join the well-known retailer Ross Stores next month. He will be taking over the role of CEO from Barbara Rentler, who has been with the company since 1986 and has been serving as CEO since 2014. Conroy will officially start on December 2, 2024, and will report to Executive Chairman Michael Balmuth.
As part of Conroy’s compensation package, Ross has offered him a sign-on cash bonus of $7.6 million, a stock award valued at $32 million, and an additional restricted stock award worth $8 million. In total, his potential earnings for the first year could reach up to $25 million, with a maximum potential pay of $75.1 million if he meets all targets and stays with the company until 2029.
Ross will also be providing Conroy with a relocation bonus of $800,000 to help him purchase a home within 50 miles of the company’s buying office in New York. This move is interesting as Ross is headquartered in Dublin, California, but Conroy will be based in New York.
Ross currently operates 2,109 stores across 43 states, with a recent expansion into New York where it previously had no presence. The company has been focusing on growth, including opening a store in the Crystal Mall at the Aria Casino on the Las Vegas Strip. Conroy’s previous employer, Boot Barn, announced his resignation, with the company based in Irvine, California, approximately 380 miles away from Ross’s headquarters.