Ernie Herrman to step in as Chief Executive of TJX Companies

The Board of Directors at the TJX Companies has approved a CEO succession plan. The Board intends to elect Ernie Herrman to the position of Chief Executive Officer, effective at the beginning of the company's next fiscal year starting January 31, 2016.

Herrman will also retain his current title as President of the company. Carol Meyrowitz, current Chairman and CEO will become Executive Chairman of the board at the time of the CEO transition. The board also elected Herrman as the Director of the company, effective immediately.

Commenting on the development, Carol Meyrowitz said, "Ernie Herrman's proven, successful track record, leadership abilities, strategic vision, discipline and focus are all qualities that make him absolutely the right choice for CEO. Ernie has decades of experience as an off-price merchant. He has been instrumental to our Company's success, including our continued international growth with our expansion into continental Europe, bringing Marshalls to Canada, and intent to acquire Trade Secret in Australia, in addition to developing our deep bench of off-price leaders and senior management.”

“I am grateful to have led TJX over the past nine years as CEO and for the hard work and dedication of our talented associates around the world,” added Meyrowitz, saying, “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.”

Ernie Herrman has been President of the TJX Companies since January 2011. He has extensive leadership and off-price experience, having been with TJX since 1989. He was named Senior Executive Vice President, 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, he 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.

Under her new three-year agreement, in her role as Executive Chairman, Meyrowitz will remain an active executive and an integral part of TJX's executive management team as well as advise Herrman on the company's long-term growth initiatives and strategy.