Orange County is losing another well-regarded chief executive.
Jim Conroy, who helped transform Boot Barn Holdings from a regional retailer to a national lifestyle brand with annual sales of $1.7 billion, is exiting the Western apparel chain for the top job at Ross Stores Inc. (Nasdaq: ROST). His last day is Nov. 22.
Irvine-based Boot Barn (NYSE: BOOT) announced Conroy’s departure last week on the same day it released its second-quarter earnings.
“I am extremely proud of the accomplishments of the Boot Barn organization during my tenure and will be forever grateful to the team with whom I’ve shared this amazing journey,” he told investors Oct. 28.
The following day, shares of Boot Barn plummeted 20% to $128 each with a market cap of $3.9 billion.
It’s a sudden and unexpected departure for one of Orange County’s most successful executives.
Conroy, who became president and CEO of Boot Barn in 2012, bucked the national trend of retail faltering when shoppers moved online. Wall Street has richly rewarded Boot Barn, sending its stock price up to an all-time high of almost $170 each in May this year. Even with the drop last week, the shares are up eightfold since the IPO.
“Jim Conroy has achieved notable success at Boot Barn, particularly in driving unit growth, building the brand, and expanding footwear and apparel offerings that could translate well to success at ROST,” Jefferies analyst Corey Tarlow wrote in a note to investors.
“Going forward, we believe interim CEO, John Hazen, who formerly held the role as Boot’s chief digital officer, should continue to drive success forward, with little change in the biz.”
Conroy, 54, is the fourth CEO of an Orange County publicly traded company to abruptly leave his post in the past three months.
In August, coffee giant Starbucks snatched Brian Niccol from Chipotle Mexican Grill (NYSE: CMG), Orange County’s largest public company by market cap.
That same month, Greg Levin, chief executive of BJ’s Restaurants Inc. (Nasdaq: BJRI), stepped down following pressure from activist investors. In September, Masimo Corp. founder Joe Kiani resigned as CEO after being ousted as board chairman of the medical device maker.
Growing Store Count by 151%
Since Conroy took the company public in 2014, it’s grown from 169 stores generating $403 million in annual sales to 425 stores in 46 states and is estimated to close fiscal year 2025 with $1.9 billion in sales. He is credited for adding the largest number of new stores in the company’s history with 45 new Boot Barn locations opening during fiscal year 2023.
For fiscal year 2025, the retailer plans to add a total of 60 stores.
In 2024, Conroy relocated the company’s headquarters to the Irvine Co.’s Spectrum Terrace office campus, taking over a full building spanning roughly 116,000 square feet, a 37% increase from the current base.
“After 12 incredible years, I am filled with immense gratitude for this company and the extraordinary people who have been by my side throughout this journey,” Conroy said in a statement.
“Together, we’ve built something truly special, and I will forever cherish the shared successes, challenges and memories we created. Thank you for your trust, dedication and passion—I leave with a heart full of pride and appreciation for every one of you.”
At Ross Stores, Conroy will succeed Barbara Rentler effective February 2. Rentler spent 40 years at Ross Stores, including the last decade as its CEO.
Shares at Ross Stores have doubled in the past two years, and it now has a $46 billion market cap. The company, based in Dublin in Northern California, has 1,836 locations in 43 states and another 356 dd’s Discounts stores in 22 states. Revenue in fiscal 2023 climbed 9.1% to $20.4 billion.
Digital Chief to Temporarily Lead Brand
Hazen, Boot Barn’s chief digital officer, will step in as interim chief executive while the company conducts a search for its next leader.
Hazen oversees e-commerce, marketing and customer experience and works closely with merchandising and store operations to enhance the brand’s omnichannel presence, Conroy told investors.
Hazen previously managed both store and e-commerce operations at Gardena-based True Religion and led the digital business for the action sports brand, Fox Racing.
“John is a very collaborative leader, a solid contributor to the strong culture at Boot Barn and is highly regarded within the organization,” Conroy said.
Pete Starrett, board chair for the past 12 years, will transition into the role of executive chairman.
Conroy assured investors that Hazen will be working alongside a seasoned senior management team that includes CFO Jim Watkins, Chief Merchandising Officer Laurie Grijalva and Chief Retail Officer Mike Love.
“I’m excited to take on this new role. I feel fortunate that the company is healthy, has strong momentum and has a solid team in place that has been working together for a long time,” Hazen said on the call.
Store Expansion, AI Testing, Gains in Men’s Category
On the quarterly conference call last week, Hazen led discussions with analysts. The company reported sales climbed 14% to $425.8 million for the quarter ended Sept. 28 and consolidated same-store sales up 4.9%, led by gains in the men’s western boots and apparel categories.
Boot Barn opened 15 stores during the quarter, bringing its total to 425 stores across 46 states.
“We believe both our revenue growth and new-store expansion have significantly outperformed the industry, resulting in substantial market share gains,” Hazen said.
The company aims for 15% annual unit growth, with plans to increase its store count to 900 by fiscal year 2030, which could generate an additional $1.5 billion in sales.
Boot Barn is also advancing its digital initiatives. The brand’s app, launched two years ago, now accounts for 10% of the brand’s online sales. Additionally, Boot Barn is piloting an in-store AI tool, Cassidy, designed to increase transaction sizes and sales conversions through personalized customer experiences.
“We feel very good about the current tone of the business and believe we are well-prepared for a successful holiday season with exciting marketing campaigns, fresh inventory and a well-prepared field organization ready to provide best-in-class customer service,” Hazen said.
