The TJX Companies, Inc. a leading off-price retailer of apparel and home fashions in the US and worldwide, has announced that its Board of Directors has approved a CEO succession plan. The Board intends to elect Ernie Herrman (54) to the position of Chief Executive Officer, effective at the beginning of the company's next fiscal year, January 31, 2016, TJX Companies said in a press release.
Herrman will also retain his current title as President of the Company. Carol Meyrowitz, current Chairperson and CEO (61), will become Executive Chairperson of the Board at the time of the CEO transition. The Board also elected Herrman a Director of the Company, effective immediately.
“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. He will be a tremendous leader as we continue to drive the profitable growth of this company in the near and long term,” said Meyrowitz.
Herrman commented, “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. We have a highly talented management team and an organization that I believe is the best in the business. TJX is a great company, with Associates across the globe dedicated to our value mission, and, most importantly, a culture anchored by our integrity. I am excited and energized about the future as we continue to bring value around the world.”
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, 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.
Under her new three-year agreement, in her role as Executive Chairperson, Ms. 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, the release said. (SH)
Fibre2Fashion News Desk – India