TJX Cos Says Ernie Herrman to Become CEO


Off-price retailer TJX Cos said its board intends to elect Ernie Herrman as chief executive, effective Jan. 31.

Current CEO Carol Meyrowitz, 61, will become executive chairman.

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Under the new employment agreement, Herrman will get a minimum annual base salary of $1.5 million and Meyrowitz will get $1 million, the company said in a filing on Wednesday.

Herrman, 54, who has been with the company since 1989, has been the company's president since January 2011.

Shares of TJX were slightly up at $71.35 in premarket trading.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Shounak Dasgupta)