TJX Cos. (TJX) gave the reins of its largest division, the
Marmaxx Group, back to former HomeGoods President Richard Sherr in
a management shakeup the discount retailer hopes will spur
growth.
The parent of T.J. Maxx, HomeGoods and Marshalls has continued
to appeal to budget-conscious consumers amid renewed concerns about
the economy. TJX said in October it planned to open 130 to 145
stores in fiscal 2013, net of closings, to meet its long-range goal
of increasing square footage by about 5% per year.
The company named Sherr, 54 years old, senior executive vice
president of the Marmaxx Group, which comprises T.J. Maxx and
Marshalls. He was chief operating officer of Marmaxx from 2007
until 2010, when he was named president of HomeGoods. During his
tenure at HomeGoods, the division increased sales and profits, the
company said.
Sherr succeeds Michael MacMillan, 55, who will become senior
executive vice president of TJX Europe. MacMillan served as senior
executive vice president of Marmaxx for almost one year and was
named its president in 2008.
MacMillan succeeds Paul Sweetenham, who was senior executive
vice president of TJX Europe since 2007 and has decided to leave
the company.
Nan Stutz, senior executive vice president and group president,
will continue to have responsibility for TJX Canada and
HomeGoods.
Chief Executive Carol Meyrowitz said, "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."
TJX reported in November its fiscal third-quarter earnings rose
9.2% as revenue increased 4.8%. Shares were up 7 cents at $63.78 in
recent trading.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com