Ross President Quits Amid Reshuffle at Firm

Ross Stores Inc., which sells discount clothing and home goods, said President James Peters resigned and Chief Executive Michael Balmuth would assume his title as the company reshuffles management after three quarters of profit declines.

Peters, who had been president and chief operating officer since 2000, also resigned from the board, Pleasanton, Calif.-based Ross said. Gary Cribb was named chief operations officer.

Six other executives were promoted at Ross, where net income fell in the first three quarters of fiscal 2005 and analysts expect it dropped again in the period ended Jan. 29.

Shares of Ross, which owns 639 Ross stores and 10 dd’s Discounts stores, fell 72 cents to $27.97 on Nasdaq.