Value retailer The TJX Companies Inc has named Carol Meyrowitz as group president, and says it will exit its e-commerce business following disappointing sales.

Meyrowitz. who takes up her new post on 17 October, previously served as senior executive president of TJX and president of The Marmaxx Group, the company's largest division. She has worked in an advisory role for TJX and for private equity firm Berkshire Partners LLC since January.

Board chairman Bernard Cammarata, who has been acting president and chief executive officer since September, will continue to serve as acting chief executive officer until a permanent chief executive officer is named.

TJX also said today it will exit its e-commerce business, shutting down both the and websites this month. The company says it expects to record operating losses for the division of $15m this year.

The TJX Companies Inc sells off-price apparel and home fashions in the US and worldwide. The company today reported a 6 per cent net sales rise for September to $1.5 billion.