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USA : Ted English resigns from discount retailer, TJX Companies
September 14, 2005 |  |
Apparel and home fashions discount retailer The TJX Companies Inc announced resignation of Ted English as Chief Executive Officer; Ben Cammarata Named Acting CEO.
Edmond (Ted) English, 52, announced his resignation as President, Chief Executive Officer, and Director of The TJX Companies Inc, effective immediately. Mr. English had served in this role since 2000. Bernard (Ben) Cammarata, 65, Chairman of the Board, was named Acting President and Chief Executive Officer by the Board of Directors, and will continue to serve as Chairman. Mr. Cammarata has extensive experience as an off-price executive, having served as CEO of TJX and its predecessor businesses from 1976 to 2000.
A search for a permanent President and Chief Executive Officer will begin immediately and will include both internal and external candidates. Mr. English has agreed to act in an advisory capacity to Mr. Cammarata to provide for a smooth transition.
Mr. Cammarata commented that he would like to thank Ted for his service to TJX and the significant contributions he made to the Company. During his tenure as President and CEO, the Company's sales and profit increased significantly, as they opened over 900 stores and created more than 50,000 jobs. Today, TJX remains a financially strong and highly profitable company, with a strong competitive position and a deep management bench. The Board joins me in thanking Ted and wishing him well in the future."
Mr. English commented, "For the past 23 years, I have had the privilege to work with an extraordinary group of talented and dedicated men and women and, for the past five and one-half years, have had the honor of leading this organization as its President and CEO. I am proud of many accomplishments over this time. However, despite these accomplishments, they are faced with several challenges in business today.
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