Ross Stores offers $75 million to Boot Barn’s CEO—and he won’t have to move to headquarters

James Conroy, 54, will join the retailer known for its Dress-for-Less slogan next month, in a move that will see him leapfrogging a well-established internal executive team at Ross to start Dec. 2, 2024. He’ll replace current CEO Barbara Rentler, who has been in the role since 2014, after having joined the company in 1986. Ross told investors Conroy will report to Executive Chairman Michael Balmuth, who previously served as CEO for 16 years before passing the torch to Rentler. 

According to Conroy’s offer, Ross didn’t skimp on his compensation package. To make up for compensation he left behind at Western wear apparel retailer Boot Barn, Ross gave him a sign-on cash bonus of $7.6 million, plus a stock award valued at $32 million that will vest over the next several years, provided he stays with Ross. He’ll also get an additional restricted stock award valued at $8 million that could double to $16 million if he hits stock-price targets. Conroy is also eligible to get various salary and annual bonuses over the next four years, valued at about $12.3 million. His total maximum potential pay if he stays through March 2029 is valued at about $75.1 million, if he hits targets, stays employed, and hits his bonus metrics every year. His total potential first-year comp is about $25 million.

“We are excited to welcome Jim to Ross as we build on our long history of profitable growth,” said Balmuth in a statement. “Jim is a proven retail executive with a demonstrated record of developing and leading successful retail management teams and creating tremendous value for shareholders.”

Here’s an interesting bit. Ross, with fiscal 2023 revenues of $20.4 billion, is headquartered in Dublin, Calif. But that’s not where Conroy will be based. Ross is paying him a relocation bonus of $800,000—to buy a house within 50 miles of its buying office in New York. He’ll get $300,000 of it on his start date, and he can collect the rest when he buys the new place. 

According to Ross’s annual report, it operates 2,109 stores in 43 states. As of 2024, it only had four stores in New York, and in 2023 it had none. The company has been working on expansion, and recently opened a store on the Las Vegas Strip in the Crystal Mall at the Aria Casino. It has office space in Dublin, Los Angeles, Boston, and New York City, where it has 572,000 square feet of space. Boot Barn announced that Conroy’s resignation would be effective on Nov. 22. The company’s offices are in Irvine, Calif. Dublin and Irvine are about 380 miles apart, a six hour drive away. That’s without traffic.