By Lisa Beilfuss
Retailer TJX Cos., the parent company of T.J. Maxx, Marshalls
and HomeGoods, said Wednesday that Chairman Bernard Cammarata will
retire, effective June 11.
Mr. Cammarata, a 40-year veteran and co-founder of the company,
has been chairman since 1999. He will be succeeded by Chief
Executive Carol Meyrowitz. Ms. Meyrowitz has been with TJX for
about three decades and CEO since 2007.
"A great deal of TJX's success is attributed to her leadership,
strategic vision, and many contributions to our company," Mr.
Cammarata said of Ms. Meyrowitz's appointment.
Mr. Cammarata, who is 75 years old, will remain with TJX in an
advisory role.
Off-price retailers like TJX have done better than the overall
retail industry lately amid stronger traffic as consumers remain
cost-conscious. However, the company gave a disappointing outlook
for its fiscal year in February, citing foreign exchange impacts
that are weighing on many American corporations.
Shares in the Framingham, Mass.-based company, up 10.5%
year-to-date, fell 0.4% to $66 in midmorning trading.
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