TJX CEO Carol Meyrowitz To Step Down (2024)

The TJX Companies stores include TJ Maxx, Marshalls, and HomeGoods.

Posted Fri, Oct 9, 2015 at 2:01 pm ET

By SUSAN PETRONI (Patch Staff)

The TJX Companies, Inc., an off-price retailer of apparel and home fashions in the U.S. and worldwide, recently announced that its Board of Directors has approved a CEO succession plan.

The TJX Companies stores include TJ Maxx, Marshalls, and HomeGoods.

The Board intends to elect Ernie Herrman, 54, a Framingham resident, to the position of Chief Executive Officer, effective at the beginning of the Company’s next fiscal year, January 31, 2016.

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 Herrman a Director of the Company, effective immediately.

Carol Meyrowitz in a statement 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. He will be a tremendous leader as we continue to drive the profitable growth of this Company in the near and long term.”

Meyrowitz said “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 said “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.”

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. Mr. 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.

TJX has its world-wide headquarters in Framingham.