Michael Balmuth
About Michael Balmuth
Michael Balmuth (age 74) is Executive Chairman of Ross Stores. He rejoined the Board in 2023 after prior service from 1996–2021, and has been with Ross since 1989, serving as CEO from 1996–2014 and in multiple merchandising leadership roles before that . Ross cites 10-year average annual total shareholder return of 14% and ROE of 40%, with $8.4B returned via repurchases over that period, framing the pay-for-performance context in which Balmuth’s incentives operate . Company scale has continued to grow: revenues rose from $18.7B (FY 2023) to $21.1B (FY 2025) and EBITDA increased from $2.38B to $3.03B over the same period (values with asterisks are from S&P Global)*.
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenues ($USD) | $18,695,829,000 | $20,376,941,000 | $21,129,219,000* |
| EBITDA ($USD) | $2,384,986,000* | $2,727,095,000* | $3,032,374,000* |
Values retrieved from S&P Global.*
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ross Stores | Executive Chairman | 2014–2019; 2023–present | Led Board/CEO succession and long-term strategy |
| Ross Stores | Chairman of the Board and Senior Advisor | 2019–2021 | Governance continuity and strategic advisory |
| Ross Stores | Strategic Advisor | 2021–2023 | Continuity of institutional knowledge |
| Ross Stores | Vice Chairman & CEO | 1996–2014 | 18-year CEO tenure, scaling off-price model |
| Ross Stores | President | 2005–2009 | Oversight of operations/merchandising |
| Ross Stores | EVP Merchandising | 1993–1996 | Merchandise strategy |
| Ross Stores | SVP Merchandising | 1989–1993 | Early merchandising leadership |
External Roles
No current public-company directorships disclosed for Balmuth in the latest proxy; committee rosters list independent directors, not the Executive Chairman .
Fixed Compensation
| Component | FY 2024 Amount | Notes |
|---|---|---|
| Base Salary | $1,557,054 | Agreement sets minimum annual salary ≥$1,400,000 |
| Target Annual Bonus % | 175% of base salary | Under Incentive Compensation Plan with adjusted pre-tax earnings metric |
| Actual Annual Cash Incentive Paid | $4,334,644 | Company performance produced a 158.9% payout vs target for FY 2024 |
| Retention Bonus | $4,700,000 to be paid 2/9/2026 (prorated vesting from 9/1/2023) | Approved in employment agreement amendment |
| Perquisites (FY 2024) | $184,039 [ |