The TJX Companies, Inc. (NYSE:TJX), the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide, today 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. Mr. Herrman will also retain his current
title as President of the Company. Carol Meyrowitz, current Chairman and
CEO (61), will become Executive Chairman of the Board at the time of the
CEO transition. The Board also elected Mr. Herrman a Director of the
Company, effective immediately.
Carol Meyrowitz commented, “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.”
Meyrowitz continued, “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. 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. The Board and I could not be more convinced
that Ernie is the right person to lead TJX into the future. 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.”
Ernie Herrman commented, “I am truly honored by the opportunity to lead
TJX forward. TJX is a world-class retailer, with a long track record of
success and enormous global growth potential. 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.”
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, Mr. Herrman succeeded Ms. Meyrowitz as President of The
Marmaxx Group, serving in that role from January 2005 to August 2008.
Mr. Herrman has also held various senior merchandising positions with
TJX.
Under her new three-year agreement, in her role as Executive Chairman,
Ms. Meyrowitz will remain an active executive and an integral part of
TJX’s executive management team as well as advise Mr. Herrman on the
Company’s long-term growth initiatives and strategy.
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and
home fashions in the U.S. and worldwide. As of August 1, 2015, the end
of the Company’s second quarter, the Company operated a total of 3,461
stores in seven countries, the United States, 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, as well as tjmaxx.com
and sierratradingpost.com
in the United States; 240 Winners, 97 HomeSense, and 39 Marshalls stores
in Canada; and 423 T.K. Maxx and 33 HomeSense stores, as well as tkmaxx.com,
in Europe. TJX’s press releases and financial information are also
available at tjx.com.
Important Information at Website
The Company routinely posts information that may be important to
investors in the Investor Information section at tjx.com.
The Company encourages investors to consult that section of its website
regularly.
Forward-looking Statement
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Various statements made in this release are forward-looking and
involve a number of risks and uncertainties. All statements that address
activities, events or developments that we intend, expect or believe may
occur in the future are forward-looking statements. The following are
some of the factors that could cause actual results to differ materially
from the forward-looking statements: execution of buying strategy and
inventory management; operational and business expansion and management
of large size and scale; customer trends and preferences; marketing,
advertising and promotional programs; competition; personnel
recruitment, training and retention; labor costs and workforce
challenges; economic conditions and consumer spending; data security;
information systems and new technology; adverse or unseasonable weather;
serious disruptions or catastrophic events; seasonal influences;
corporate and retail banner reputation; merchandise quality and safety;
expanding international operations; merchandise importing; commodity
pricing; fluctuations in currency exchange rates; fluctuations in
quarterly operating results and market expectations; mergers,
acquisitions, or business investments and divestitures, closings or
business consolidations; compliance with laws, regulations and orders;
changes in laws and regulations; outcomes of litigation, legal matters
and proceedings; tax matters; real estate activities; cash flow and
other factors that may be described in our filings with the Securities
and Exchange Commission. We do not undertake to publicly update or
revise our forward-looking statements even if experience or future
changes make it clear that any projected results expressed or implied in
such statements will not be realized.
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