Off-price retailer TJX Companies has appointed Ernie Herrman as its chief executive as part of a CEO succession plan announced last October. 

Herrman takes up the role with immediate effect and will continue as president of the company and member of the board of directors. Previous CEO, Carol Meyrowitz, will transition to the role of executive chairman of the board.

She said of the appointment: "The board and I have the greatest confidence in our choice of Ernie Herrman to lead TJX into the future as CEO. He is a tremendous leader with a proven, successful track record, strategic vision, discipline and focus. Ernie has been instrumental to our company's success and served as president since 2011, with all of the operating divisions reporting to him since that time. I look forward to continuing our 20-plus years of working together to support and maximise the growth potential of TJX."

In its third-quarter TJX booked both sales and earnings growth, bucking the quarterly slowdown that affected many other apparel retailers.