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.

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)