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Ross Stores names Rentler as its next CEO

DUBLIN, Calif. (AP) -- Ross Stores is promoting President and Chief Merchandising Officer Barbara Rentler to CEO.

Rentler, 56, succeeds Michael Balmuth, who had served as vice chairman and CEO since 1996. Rentler had served as president and CMO of Ross Dress for Less since 2009.

The transition is part of the Dublin, California, company's succession plan. Ross Stores Inc. announced in August 2012 that the 63-year-old Balmuth would step down from the CEO post on June 1, 2014 and become executive chairman.

Chairman Norman Ferber will continue as a board member and become chairman emeritus. He's served as chairman since 1993.

Michael O'Sullivan,50, will remain president and chief operating officer of the discount retailer. He's served in those positions since 2009.

Rentler and O'Sullivan will become board members.

Ross Stores operates Ross Dress for Less, with 1,172 stores in 33 states, the District of Columbia and Guam. It also has 137 dd's Discounts in 10 states.