Ross Stores Inc. (ROST - Analyst Report) disclosed the promotion of Michael Hartshorn to the position of Chief Financial Officer (CFO). Hartshorn will continue holding the post of Senior Vice President, besides taking on responsibilities of the CFO starting Feb 2, 2014.
With a career spanning over 24 years, Hartshorn began with the audit practice team of Coopers and Lybrand, an accounting company and worked for 3 years after which he served the May Department Stores Company for 7 years, holding several financial positions.
Hartshorn has been associated with Ross Stores for 14 years, when he joined as Director and Assistant Controller and since then he has held several important positions in the company’s IT, Finance and supply-chain departments. Most lately, he served the company as Deputy CFO and Senior Vice President. Preceding this, he was Group Vice President, Finance and Treasurer for 10 months and Vice President, Finance and Treasurer for almost 5 years.
Hartshorn has worked with the IT and supply-chain department for 4 years beginning 2002, stressing on channelizing strategies and other business initiatives.
After taking over his new role as the CFO, Hartshorn will lead the treasury, accounting, risk management, tax, financial planning and investor relations departments of the company. He will continue to work under the company’s Finance and Legal Group Senior Vice President and Corporate Secretary, John Call, who has also served as CFO of Ross Stores for the last 16 years.
With his credible management qualities, know-how about his field of work, financial proficiency and Call’s leadership in the financial and legal operations, Hartshorn is expected to guide the company to new heights.
Ross Stores, a California- based company, operates as an off-price retailer of apparel and home accessories, primarily in the U.S. The company operates its stores under the Ross Stores Dress for Less (Ross Stores) and dd’s DISCOUNTS names. The company mainly targets moderate- middle income households.
In order to keep itself on the growth trajectory, the company is focused on merchandising organization through investments in workforce, processes and technology. The company continually fine tunes and upgrades its systems and processes to enhance productivity.
Ross Stores Stores currently has a Zacks Rank #4 (Sell). Better-ranked stocks in the retail space include Christopher & Banks Corporation (CBK - Snapshot Report) , Finish Line Inc. (FINL - Snapshot Report) and Abercrombie & Fitch Co. (ANF - Analyst Report) . While Christopher & Banks holds a Zacks Rank #1 (Strong Buy), Finish Line and Abercrombie & Fitch carry a Zacks Rank #2 (Buy).