US: TJX shuffles execs, plans charge for computer breach
In her first full day as the chief executive officer of TJX Companies, Carol Meyrowitz made a series of executive promotions.
Additionally, the Framingham, Massachusetts-based off-price giant reported that its same-store sales for the four weeks ended 27 January were 4% above the comparable month last year, while net sales for the month were US$1bn, 8% above the year-ago month.
The performance put sales for the fiscal year at $17.4bn, 9% above the prior year, while same-store sales for the 52-week year were up 4%.
The company also said that it would record a 1-cent-a-share charge in the fourth quarter for its actions to "investigate and contain" the unauthorised intrusion into its computer records reported last month.
However, it said it remained "comfortable" with previous earnings estimates of 48 to 50 cents per share from continuing operations for the quarter. Excluding the charge, TJX said it would be at the high end of the estimate.
Ernie Herman, president of the company's largest division, The Marmaxx Group, was promoted to senior executive vice president of the company from executive VP.
In other promotions:
• Paul Sweetenham was named senior executive VP of TJX and group president of Europe from president of TK Maxx Europe;
• Jerome Rossi was named senior executive VP and group president of TJX from senior executive VP and chief operating officer of the Marmaxx Group;
• Richard Sherr was named senior executive VP of TJX and chief operating officer of The Marmaxx Group from executive VP and chief merchandising officer of Marmaxx;
• Nan Stutz was named president of the HomeGoods division after serving as executive vice president of merchandising, planning and marketing at HomeGoods;
• Celia Clancy joined TJX as president of the AJ Wright division after serving as a senior operations consultant for Cerberus Capital Management and spending eight years with Wal-Mart Stores; and
• Ann McCauley was named executive VP and general counsel of TJX after serving as senior VP and general counsel of the corporation.
"As I begin my tenure as TJX's CEO," Meyrowitz said, "I have great confidence that our senior management team gives us the ability to combine deep, off-price experience within TJX with fresh ideas and approaches that will serve us well as we grow in the future."
By Arnold J Karr.
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