TJX Cos revealed a management shuffle on Wednesday. Ernie Herrman will succeed Carol Meyrowitz as Chief Executive Officer; Meyrowitz will remain Executive Chairman. He is currently President of TJX. He will take over this role on January 31st and has also been elected to the board.
Meyrowitz, said, “Ernie Herrman’s proven successful track record, leadership abilities, strategic vision, discipline and focus are all qualities that make him absolutely the right choice for CEO.” Meyrowitz, under the terms of her new three-year agreement, will remain an active executive and will advise Herrman on the company’s long-term growth initiatives.
This move can be seen as thoughtful succession planning as Meyrowitz has groomed Herrman for the CEO role over the last several years. They have worked together at the company for 20-plus years. Lynette Deutsch, Endaba’s Founder and CEO comments on the expectedness of the appointment: “this is a prime example of what good companies do; they prepare for a departure, develop a pipeline of strong potential successors and handover when the time comes.”
Meyrowitz is confident that this new structure will continue to support and maximize TJX’s growth potential.