Ross announces CFO transition
Fast-growing off-price retailer Ross Stores, Inc. has announced a shakeup coming to its C-suite later this year.
Adam Orvos will retire as executive VP and CFO, effective Sept. 30. William Sheehan, currently group senior VP of finance, has been promoted to deputy CFO, and is expected to succeed Orvos as CFO on Oct. 1.
Sheehan has more than 34 years of financial experience in the retail industry. After 15 years with Lord & Taylor, he joined Ross in February 2006 and has served in roles of increasing responsibility across the finance organization. Upon becoming CFO, Sheehan will oversee the accounting, treasury, financial planning, tax, procurement, finance operations, risk management, and investor relations functions, and will report directly to Michael Hartshorn, group president and COO.
[READ MORE: Ross Stores earnings top estimates, sales fall short as business ‘slowed’]
“Bill is a proven and talented finance executive with extensive managerial experience as well as a deep understanding of Ross,” said Hartshorn. “While Bill has reported to Adam over the past four years, he and I have worked closely together during his long tenure with the company, which will support a smooth transition.”
Orvos joined Ross more than four years ago, and has served as CFO since October of 2021. His previous experience included high-level leadership roles at Neiman Marcus Group, Total Wine & More, and Belk.
“On behalf of our board of directors and the entire company, we thank Adam for his financial leadership and expertise that have proven to be valuable assets in contributing to our strong financial position,” said Ross CEO Jim Conroy, who took the reins of the company this month, succeeding 40-year company veteran Barbara Rentler. “We extend our best wishes to him and his family. We also congratulate Bill on his promotion and look forward to his future contributions.”
Based in Dublin, Calif., Ross is the largest off-price apparel and home fashion chain in the United States with 1,831 locations in 43 states, the District of Columbia and Guam.
