--Sherr to return to Marmaxx Group
--CEO calls moves well-timed to meet growth
--Changes also include moves at the helm of TJX Europe
(Rewords the first paragraph and updates the stock price.)
TJX Cos. (TJX) unveiled a number of management changes in a
shakeup the discount retailer hopes will spur growth.
Among the moves made by TJX--the parent of T.J. Maxx, HomeGoods
and Marshalls--will pass the reins of its largest division, Marmaxx
Group, back to former HomeGoods President Richard Sherr.
Sherr, 54 years old, will become 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.
"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," Chief Executive Carol
Meyrowitz said.
TJX 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.
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.
TJX reported in November its fiscal third-quarter earnings rose
9.2% as revenue increased 4.8%.
Shares were up 1.2% at $64.46 in recent trading and have climbed
16% over the past three months.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com