TJX Cos., the parent company of T.J. Maxx, Marshalls and HomeGoods, said Wednesday that Ernie Herrman, company president, has been tapped as its new chief executive.

The move will be effective Jan. 31, which coincides with the beginning of the company's next fiscal year.

Carol Meyrowitz, the current CEO, is slated to become executive chairman of the board after holding the CEO post since 2007. Mr. Herrman was also elected as a board member, effective immediately.

"The succession plan that the board has established gives me great confidence that we will have a seamless transition," said Mr. Herrman.

Mr. Herrman, 54, has been with TJX since 1989 and has been president of the company since January 2011.

Before that, he was in charge of Marmaxx Group, the company's largest division, as well as HomeGoods and TJX Canada.

"The Board and I could not be more convinced that Ernie is the right person to lead TJX into the future," Ms. Meyrowitz said.

In August, TJX said earnings in its latest quarter rose 6.1% as the company saw better-than-expected sales growth at established stores. It also raised its per-share earnings guidance for the year.

TJX buys some of its goods through closeouts and sells them at discounted prices. Off-price retailers like TJX have done better than the overall retail industry lately amid stronger traffic as consumers remain cost-conscious.

Write to Ezequiel Minaya at ezequiel.minaya@wsj.com

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(END) Dow Jones Newswires

October 07, 2015 09:55 ET (13:55 GMT)

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