TJX Companies Says Ernie Herrman To Become CEO, Succeeding Meyrowitz

(RTTNews) - Off-price retailer TJX Companies Inc. (TJX) said Wednesday that its board of directors plans to elect Ernie Herrman as CEO next year, succeeding current CEO Carol Meyrowitz.

Under the CEO succession plan approved by the board, Herrman will assume the role of CEO at the beginning of the company's next fiscal year on January 31, 2016. Herrman, aged 54, will also retain his current title as president of the company.

Meyrowitz, current chairman and CEO, will become executive chairman of the board at the time of the CEO transition. The board also elected Herrman a director of the company with immediate effect.

Commenting on Herrman's appointment, Carol Meyrowitz said, "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."

Herrman has been with TJX since 1989. He became President of the Framingham, Massachusetts-based company in January 2011.

Herrman was named Senior Executive Vice president, Group President, in August 2008, with responsibilities for the Marmaxx Group, the company's largest division, in addition to HomeGoods and TJX Canada.

Prior to that, 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 chairman, Meyrowitz, aged 61, will remain an integral part of TJX's executive management team and advise Herrman on the company's long-term growth initiatives and strategy.

TJX is trading at $71.82, up $1.05 or 1.48 percent on a volume of 679,446 shares.