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)