2019 Power 50: Ernie Herrman
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Take a look at TJX’s performance these days under Herrman, and you’d never know brick-and-mortar retail is facing nearly an existential crisis. The corporate owner of T.J. Maxx, Marshalls, HomeGoods and other retailers hit $39 billion in revenue last year, up 9% during a time when thousands of Payless ShoeSource, Gymboree and other stores have closed. TJX opened 236 stores last year, including the launch of its new Homesense chain, which debuted in the company’s hometown of Framingham as a similar but complementary addition to HomeGoods.
Herrman, a 30-year veteran of TJX who took over as president and CEO in 2016, now oversees a behemoth, with more than 4,000 area employees and roughly 270,000 across the globe. And he’s paid accordingly, with a total compensation of nearly $19 million last year. Expect more eye-popping numbers from Herrman and TJX. He has spearheaded a goal of expanding by 1,800 stores across the world in the coming years, adding to its existing 4,000 locations. There’s one thing Amazon and other online retailers can’t compete with: What industry insiders call the treasure hunt TJX’s stores offer, with shoppers never quite knowing what to expect to pick up with a price sticker showing a major discount. In Central Massachusetts, TJX supports nonprofits like Save the Children, United Way of Tri-County, and Boys & Girls Club of Metrowest.
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