TJX CEO succession plan “positive” move
The CEO succession plan at TJX Companies is a positive move by the US retail group, analysts have said, as Ernie Herrman gets set to take the helm early next year.
Herrman will take over from Carol Meyrowitz from 31 January, who will transition to the role of executive chairman of the board. He will also retain his current title as president.
Under a new three-year agreement, TJX said Meyrowitz will remain an “active executive” and “an integral part” of the company's executive management team as well as advise Herrman on the company’s long-term growth initiatives and strategy.
Stifel analyst Richard Jaffe said the transition is a “positive” one, and unsurprising given his anticipation of her departure.
“Throughout her tenure as CEO, Meyrowitz has established a strong and deep executive team, facilitating this transition.
“We believe Herrman’s promotion to CEO is a positive and long anticipated. While Meyrowitz was an exceptional CEO, Herrman is well qualified to lead TJX and we expect continued strength at TJX going forward. 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.”
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