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MajorsAug 18, 2016
TJ Maxx, Marshalls CEO to step down
After nearly a decade at the helm of the off-price leader, Carol Meyrowitz will vacate her post as chairman and CEO in January.
Framingham, Mass.--The TJX Companies Inc., parent company of T.J. Maxx and Marshalls, announced Wednesday that Chairman and CEO Carol Meyrowitz will step down in 2016, after nine years at the helm of the off-price retailer.
During her time as CEO, the retailer’s sales have eclipsed those of Macy’s--TJX’s sales totaled $29.08 billion last year, compared to Macy’s $28.11 billion--and continued to grow even as more companies enter or expand in the off-price arena. (Macy’s, for example, now has Macy’s Backstage.)
Ernie Herrman, who has been president of The TJX Companies since January 2011 and has been with the company for 26 years, will succeed Meyrowitz. He started with the TJX Companies in 1989 and has worked his way up through the company’s executive ranks over the years.
During Herrman’s tenure as president, the company expanded into continental Europe, opened Marshalls stores in Canada and announced its intention to acquire Australian off-price retail chain Trade Secret.
The 61-year-old Meyrowitz, who started at TJX in 1983, is set to step down on Jan. 31, the start of the company’s next fiscal year. At that time she will become the executive chairman of the board and will remain an active executive with the company for the next three years.
Hermann will retain both titles, president and CEO. In addition, he has been elected a director of the company, effective immediately.
Based in Framingham, Mass., The TJX Companies operate a total of approximately 3,461 off-price retail stores in seven countries and three e-commerce sites. Its chains are T.J. Maxx, Marshalls, HomeGoods, Sierra Trading Post stores, Winners, HomeSense and T.K. Maxx.
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