Ross Stores, Inc. revealed on Thursday that Adam Orvos, the company’s current Chief Financial Officer, will retire on September 30. William Sheehan, the company’s senior vice president of finance, has been chosen to succeed Orvos, with the transition set for October 1. Sheehan will serve as deputy CFO until then.
Sheehan has been with Ross for nearly 20 years, having joined the company in 2006. He brings over 34 years of experience in the retail finance industry, including 15 years at Lord & Taylor. As the new CFO, Sheehan will oversee the company’s accounting, risk management, investor relations, and other financial operations, reporting to group president and Chief Operating Officer Michael Hartshorn.
This appointment follows Ross Stores’ trend of promoting internal candidates for leadership positions. Last September, Karen Fleming and Karen Sykes were promoted to lead merchandising at Ross Dress for Less and DD’s Discounts, respectively. Now, Sheehan’s promotion to CFO further solidifies the company’s commitment to advancing senior talent from within.
“Bill is a proven and talented finance executive with extensive managerial experience as well as a deep understanding of Ross,” Hartshorn said in a statement. “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.”
In contrast to the company’s typical internal appointments, Ross recently hired James Conroy as its new CEO. Conroy, who replaced longtime CEO Barbara Rentler earlier this month, will work alongside Sheehan to guide the company’s next phase. Rentler will move into an advisory role until March 31, 2027, helping to shape the company’s merchandising strategies.
Over the past year, Ross Stores has been expanding its physical presence, opening 21 Ross locations and three DD’s Discount stores in 17 states. The company aims to have more than 3,600 stores in the future. Despite this growth, Ross is preparing for economic challenges affecting its customer base. In its Q3 earnings report, the company noted a slight increase in sales, from $4.9 billion to $5.1 billion, but expressed disappointment with the performance. Rentler attributed the slowdown to customers’ struggles with high costs, particularly for necessities, which have affected their discretionary spending.
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