In the wake of former chairman Bernard Cammarata retiring and taking a reduced role in the company, the TJX Cos. board of directors has approved a CEO succession plan that includes its intention of electing Ernie Herrman to the CEO position, effective at the beginning of its next fiscal year, January 31, 2016. Herrman will also retain his current title as president as Carol Meyrowitz, current chairman and CEO, becomes executive chairman of the board.
The board also announced that it elected Herrman a company director, effective immediately. Herrman has been TJX president since January 2011 and began working with the company in 1989. He was named senior evp/group president in 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 2005 to 2008. He has also held various senior merchandising positions with TJX.
In announcing the succession plan, Meyrowitz noted, “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.”
TJX announced it was acquiring 35-store Australian off-pricer Trade Secret in July.