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TJX Taps President Ernie Herrman as New CEO
Posted On Oct 08 2015
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Herrman, 54, was widely expected to take over once Meyrowitz made a decision to bow out, and investors pushed TJX’s stock up on the news.
As of August 1, 2015, the end of the company’s second quarter, TJX operated a total of 3,461 stores in seven countries, the United States, Canada, the United Kingdom, Ireland, Germany, Poland, and Austria, and three e-commerce sites. Horseman Capital Management Ltd is another bullish investment professional who is possessing 504,200 shares of The TJX Companies or 8.58% of their U.S. equity exposure. It also comes as it sees TJX surpass its own business. In addition to his upcoming CEO position, Hermann was elected as a board member, effectively immediately.
Carol Meyrowitz, the current CEO, is slated to become executive… “Meyrowitz”, Nomura Securities analyst Robert Drbul said.
One of Massachusetts’ highest-paid female executives is leaving her post.
The move will be effective January 31, which coincides with the beginning of the company’s next fiscal year. She shifted to an advisory role for a few months in 2005 and then became president in October of that year, shortly after English resigned. Cowen and Company restated a “buy” rating and set a $85.00 price objective (up previously from $80.00) on shares of TJX Companies in a research note on Wednesday, August 19th.
Herrmann was always the natural successor, Bernstein analyst Anne-Charlotte Windal said. “He was also very instrumental in the worldwide expansion of the company”. That year, he was named senior executive vice president and group president with responsibilities over The Marmaxx Group, HomeGoods and TJX Canada.
He was named president in January 2011.
“As a almost $30 billion company, we are confident that this structure allows us to continue to support and maximize the growth potential of TJX”, Meyrowitz said in a statement.
Meyrowitz continued, “I am grateful to have led TJX over the past nine years as CEO and for the hard work and dedication of our talented Associates around the world”.
