TJX Cos.' Board Announces Promotions Within Top Exec Team

Home Textiles Today Staff -- Home Textiles Today, 2/8/2011 5:36:47 AM

FRAMINGHAM, MASS. - The board of directors of the offprice chain TJX Companies Inc. has approved a new management structure as part of the company's ongoing leadership succession planning.
     Carol Meyrowitz continues as ceo as well as a director of The TJX Companies and has entered into another two-year employment agreement.
     Ernie Herrman, who originally joined the company in 1989, has been promoted to president from his former post as senior evp, group president. Herrman, along with Jeffrey Naylor, senior evp, cfo and chief administrative officer, now report to Meyrowitz.
     Nan Stutz has been promoted to senior evp, group president of HomeGoods and TJX Canada, and Michael MacMillan has been promoted to senior evp, group president, continuing his responsibilities for The Marmaxx Group.
Stutz has been with the company since 1990 and MacMillan since 1985. Both of them now report to Herrman as do three senior evps -- Jerome Rossi, whose responsibilities include real estate, logistics and procurement; Paul Sweetenham, who heads TJX Europe; and Greg Flores, chief human resources officer.
     "One of my key responsibilities as ceo is to see that the company has an effective, seamless leadership succession plan in place," Meyrowitz said. "This new structure is an important step in that regard. It will permit me over time to delegate more of the day-to-day responsibilities and reduce my overall time commitment, while retaining responsibility for all executive functions and continuing to lead this great company. We have an outstanding management team that together, has led TJX through good as well as difficult economic times, delivering excellent financial performance and strong growth. I plan to work very closely with Ernie Herrman in his new role and will continue to focus on the growth of our important European business with both Ernie as well as Paul Sweetenham."
     Added Bernard Cammarata, chairman of TJX Companies: "Our board of directors is very pleased to support Carol Meyrowitz's new structure which provides for the continuity of strong leadership for our Company. We will continue to reap the benefits of Carol's proven talents and track record as an outstanding executive and visionary leader while Ernie Herrman, with his demonstrated abilities in merchandising, operations and overall business leadership and execution, takes on a bigger role as President of the Company. Combined with the other organizational changes we are announcing today, this new structure will further strengthen our management team's ability to continue to grow TJX successfully over the coming years."