FRAMINGHAM, Mass.--(BUSINESS WIRE)--Jan. 4, 2012--
The TJX Companies, Inc. (NYSE:TJX) today announced several senior
management changes to better position the Company for future growth.
Michael MacMillan, 55, will assume leadership of the Company’s European
division as Senior Executive Vice President, TJX Europe, moving from his
current post as head of The Marmaxx Group (the Company’s largest
division comprised of T.J. Maxx and Marshalls). Richard Sherr, 54, will
return to The Marmaxx Group as Senior Executive Vice President, having
most recently held the post of President, HomeGoods.
Ernie Herrman continues as TJX President, a title he assumed in February
2011, and will continue to report to Carol Meyrowitz, Chief Executive
Officer of The TJX Companies, Inc. as will Jeffrey Naylor, Senior
Executive Vice President, Chief Financial and Administrative Officer.
Michael MacMillan will continue to report to Mr. Herrman in his new role
as head of TJX Europe. Nan Stutz, Senior Executive Vice President, Group
President, will also continue to report to Mr. Herrman. Ms. Stutz will
continue to have responsibility for TJX Canada and HomeGoods. Richard
Sherr, in his new role as Senior Executive Vice President, The Marmaxx
Group, will now report to Mr. Herrman. Further, Senior Executive Vice
President Jerome Rossi, whose responsibilities include real estate,
logistics, procurement and e-commerce, will continue to report to Mr.
Herrman.
Carol Meyrowitz, Chief Executive Officer of The TJX Companies, Inc.
stated, “I am extremely confident that these management changes are the
right moves at the right time to position TJX to reach our vision of
growing to a $40 billion Company. We have a seasoned TJX executive
heading each of our four major businesses, The Marmaxx Group, HomeGoods,
TJX Canada and TJX Europe, all reporting to Ernie Herrman, our
President. Separately and collectively, this team, along with Jeff
Naylor and Jerry Rossi, brings amazing talent, knowledge, and the
ability to take TJX to our next level of successful growth and beyond.”
Michael MacMillan will move to TJX Europe, having served as Senior
Executive Vice President, The Marmaxx Group, for almost one year and as
President of Marmaxx since 2008. Mr. MacMillan will replace Paul
Sweetenham, who served as Senior Executive Vice President, TJX Europe,
since 2007 and has decided to leave the Company. Prior to his heading
The Marmaxx Group, Mr. MacMillan served as President of TJX Canada from
2003 and before that, held the post of Executive Vice President of
Merchandising for that division. Having joined T.J. Maxx in 1985, Mr.
MacMillan has served in progressively senior roles in finance, systems,
distribution and merchandising at T.J. Maxx, Winners and Marmaxx. These
management changes will be effective for fiscal 2013. Mr. Sweetenham
will work with Mr. MacMillan to provide a smooth and effective
transition of responsibilities.
Carol Meyrowitz commented, “I am truly delighted that Michael MacMillan
will be leading TJX Europe, which we believe holds tremendous growth
potential for the Company. Michael, a UK national, knows TJX inside and
out, having held key executive positions at both TJX Canada and The
Marmaxx Group across a variety of disciplines with considerable
international experience. Under Michael’s leadership, since 2008, The
Marmaxx Group has posted consistently strong comp-store sales growth and
profits that are expected to have approximately doubled to over $2
billion by the end of this fiscal year. We have every confidence that
Michael is the right executive and leader to grow our fundamentally very
strong business in Europe.”
Meyrowitz continued, “We are very grateful to Paul Sweetenham for his
many years of dedicated leadership. Paul joined TJX in 1993 as Head of
Retail Operations at T.K. Maxx and became President of that division in
2001. Under Paul, T.K. Maxx successfully built its brand and presence in
the UK and Ireland, HomeSense was launched, and we expanded into Germany
and Poland. We wish Paul continued success and all good things in the
future.”
Richard Sherr will assume the position of Senior Executive Vice
President, Group President, The Marmaxx Group, having 20 years of
experience at TJX. Having joined T.J. Maxx as a Buyer in 1992, Mr. Sherr
has held progressively senior roles at Marmaxx, including Chief
Merchant. He held the position of Chief Operating Officer at Marmaxx
from 2007 until 2010, when he was named President of HomeGoods. During
his tenure at HomeGoods, the division grew its sales and profits to
record levels.
Commenting on Richard Sherr’s becoming President of The Marmaxx Group,
Carol Meyrowitz said, “Richard Sherr will be a great leader for Marmaxx,
having served there as Chief Merchant and COO. He’s an all-around
executive who brings a very rich background and thorough knowledge of
the Marmaxx business and its organization. I know that with Richard’s
enormous dedication and spirit, he will thoroughly embrace this new role
and successfully lead The Marmaxx Group to capitalize upon its many
growth opportunities.”
Ken Canestrari, 50, is being promoted to President, HomeGoods, replacing
Mr. Sherr in that role. Mr. Canestrari has been with The TJX Companies
since 1997 and has served in progressively senior roles in finance and
operations at The Marmaxx Group and at the corporate level. Most
recently, since 2008, Mr. Canestrari held the post of Chief Operating
Officer at HomeGoods, working closely with Mr. Sherr. During Mr.
Canestrari’s tenure at HomeGoods, this division’s profit will have
almost tripled by the end of this fiscal year. He will report to Nan
Stutz, Senior Executive Vice President, Group President.
In September 2011, Doug Mizzi, 52, was promoted to President, TJX
Canada. Mr. Mizzi started with TJX in 1988 and rose through the ranks of
store operations at Marmaxx. In 2004, Mr. Mizzi went to Canada as Senior
Vice President, Store Operations and in 2006, became Executive Vice
President, Chief Operating Officer of TJX Canada. He has most recently
served as a Managing Director for TJX Europe for two years and returned
to Canada earlier this year to head TJX Canada. Mr. Mizzi will report to
Nan Stutz, Senior Executive Vice President, Group President.
In closing, Carol Meyrowitz remarked, “TJX is fortunate to have such a
deep bench of talented executives who understand our business and our
Company’s culture so well. In total, Ernie Herrman, Nan Stutz, Michael
MacMillan, Richard Sherr, Ken Canestrari and Doug Mizzi have 120-plus
years of experience at TJX! Perhaps more importantly, this group of
executives is committed to continue to develop TJX’s future leaders as
our Company pursues its substantial growth opportunities in the U.S.,
Canada and Europe. With these leaders of our business units in place, I
am confident that TJX will meet its short and long term goals.”
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and
home fashions in the U.S. and worldwide. The Company operates 986 T.J.
Maxx, 891 Marshalls, and 375 HomeGoods stores in the United States; 216
Winners, 86 HomeSense, 6 Marshalls, and 3 STYLESENSE stores in Canada;
and 333 T.K. Maxx and 24 HomeSense stores in Europe. TJX’s press
releases and financial information are also available at www.tjx.com.
Important Information at Website
Archived versions of the Company’s recorded messages and conference
calls are available at www.tjx.com after they are no longer available by
telephone. The Company routinely posts information that may be important
to investors in the Investor Information section at www.tjx.com. The
Company encourages investors to consult that section of its website
regularly.
Forward-looking Statement
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Various statements made in this release are forward-looking and
involve a number of risks and uncertainties. All statements that address
activities, events or developments that we intend, expect or believe may
occur in the future are forward-looking statements. The following are
some of the factors that could cause actual results to differ materially
from the forward-looking statements: global economies and credit and
financial markets; foreign currency exchange rates; buying and inventory
management; market, geographic and category expansion; customer trends
and preferences; quarterly operating results; marketing, advertising and
promotional programs; data security; seasonal influences; large size and
scale; unseasonable weather; serious disruptions and catastrophic
events; competition; personnel recruitment and retention; acquisitions
and divestitures; information systems and technology; cash flows;
consumer spending; merchandise quality and safety; merchandise
importing; international operations; commodity prices; compliance with
laws, regulations and orders; changes in laws and regulations; outcomes
of litigation and proceedings; real estate leasing; market expectations;
tax matters and other factors that may be described in our filings with
the Securities and Exchange Commission. We do not undertake to publicly
update or revise our forward-looking statements even if experience or
future changes make it clear that any projected results expressed or
implied in such statements will not be realized.
Source: The TJX Companies, Inc.
The TJX Companies, Inc.
Sherry Lang
Senior Vice President
Global
Communications
(508) 390-2323