TJX names new CEO as Meyrowitz to transition out
Carol Meyrowitz, TJX executive chair
The board of the off-price retailer TJX Companies Inc. has announced it will promote a replacement for longtime CEO Carol Meyrowitz from within, naming current president of the company Ernie Herrman as her successor.
The transition will take place at the end of the Framingham-based company’s fiscal year on Jan. 31, 2016, the board said Wednesday. The transition will have Meyrowitz transition from her role as CEO and board chairman to executive chairman of the board under a three-year agreement to advise the company. Meyrowitz, 61, has served as CEO of the company for the last nine years.
“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. I am excited to work with Ernie Herrman in his new role and continuing our 20-plus years of working together at the company,” Meyrowitz said in a statement. “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 served as the president of TJX since January of 2011 and has been with the company since 1989, serving in multiple merchandising and management positions, according to the company.
“I am truly honored by the opportunity to lead TJX forward,” he said in a statement. “I am convinced that we are in an excellent position to grow to be a $40 billion company and beyond. The succession plan that the board has established gives me great confidence that we will have a seamless transition. I look forward to continuing to work with Carol Meyrowitz, and am pleased that the company will continue to benefit from her expertise.”
As of Aug. 1, the end of the company’s second quarter, TJX operated a total of 3,461 stores in seven countries, the U.S., Canada, the United Kingdom, Ireland, Germany, Poland and Austria; and three e-commerce sites. These include 1,130 T.J. Maxx, 990 Marshalls, 503 HomeGoods and 6 Sierra Trading Post stores.
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