Ernie Herrman, now CEO and president of The TJX Companies is ready to get the off-price leader to its goal of growing global sales to $40 billion in the near-term.
The TJX board of directors had announced a CEO-succession plan in October, naming Herrman the one to assume the role in place of Carol Meyrowitz, and the shift took effect Jan. 31, the start of the company’s fiscal year.
Meyrowitz, who Forbes Contributor Walter Loeb named Retailer of the Year for 2015, will continue on as chairman of the board and an “active” executive in the company.
Herrman had been president of TJX—a title he will retain in addition to CEO—since 2011, and all operating divisions within the company reported to him. Meyrowitz said she has “the greatest confidence” in Herrman for leading TJX into the future.
“TJX is a world-class retailer and I am honored by the privilege to lead it forward,” Herrman said. “We see a great future ahead for our company, with enormous growth potential, as we continue to expand our value concept around the world. I couldn’t be more excited about our opportunities and the future, and I look forward to continuing to work with Carol Meyrowitz, our highly talented management team, and an organization that I believe is the best in retail as we pursue our goals of growing TJX to $40 billion and beyond.”
For the third quarter ended Oct. 31, TJX said net sales were up 5 percent to $7.8 billion, with net income at $587 million.
In its fourth quarter outlook released in November, TJX said it expects to see sales growth between 2 and 3 percent and earnings per share to be in the $0.91-$0.93 range.
Meyrowitz said at the time, “We are pleased to see that traffic continues to be up and we could not be more excited about the holiday selling season,” adding that, “With our clear vision for global growth, a differentiated apparel and home fashions business, and world-class organization, I am very confident we will grow TJX to a $40 billion-plus company!”