TJX CEO to step down in January
The TJX Companies announced that chairman and CEO Carol Meyrowitz will step down, effective January 31, 2016.
She will be succeeded by Ernie Herrman, 54, who will retain his current title as president of the company. Meyrowitz, 61, who has been at the helm of TJX since January 2007, will become executive chairman of the company’s board at the time of the CEO transition.
Meyrowitz has had a wildly successful run at TJX. Under her leadership, the company, whose store banners include T.J. Maxx and Marshalls, expanded its dominance of the off-price market and its fortunes soared. Revenue rose from $18.34 billion in 2007 to $29.08 billion last year, surpassing department store giant Macy's. TJX posted sales of $7.36 billion and earnings of $549.3 million for its most recent quarter, with both metrics topping Wall Street estimates.
“I look forward to continuing to work with the TJX leadership team in the role of executive chairman as we keep growing TJX as a global, value retailer,” Meyrowitz said in a statement. “I am excited to work with Ernie Herrman in his new role and continuing our 20-plus years of working together at the company. The board and I could not be more convinced that Ernie is the right person to lead TJX into the future. As a nearly $30 billion company, we are confident that this structure allows us to continue to support and maximize the growth potential of TJX.”
Herrman has been president of The TJX Companies since January 2011. He has been with TJX since 1989. He was named senior executive VP, group president, in August 2008, with responsibilities for The Marmaxx Group, the company's largest division, HomeGoods and TJX Canada.
Earlier in his career at TJX, Herrman succeeded Meyrowitz as president of The Marmaxx Group, serving in that role from January 2005 to August 2008. Herrman has also held various senior merchandising positions with TJX.
As of August 1, 2015, the end of the company’s second quarter, TJX operated a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites.
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