"I am very proud to be making this announcement," Mr. Cammarata stated. "It concludes a thoughtful and deliberate senior executive succession plan that has been in place for some time. Having been at the helm of this business for over 23 years, I know that this is right for the Company and right for me. With a major vested interest in TJX, personally, professionally and financially, I am confident that Ted English is the right person to lead the Company successfully into the future. Ted has been with us for 17 years and has, at various points, been responsible for every merchandise classification within this business. For the last two years, Ted and I have worked closely together, preparing him for taking charge of the Company. As for timing, TJX has great momentum behind it and is in a very strong financial position. With sound fundamentals, we are well positioned to continue to achieve our exciting growth objectives. As for me, I will stay actively involved with the Company as Chairman, but will have more time for other areas of my life such as my family and travel."
Ted English has spent his entire career in off-price retailing. He began his career at Filene's Basement as a stock boy and ultimately became a buyer, after graduating from Northeastern University. He joined T.J. Maxx as a buyer in 1983 and advanced through several senior merchandise positions at that division. In 1995, when the Company acquired Marshalls, he was instrumental in the consolidation of the T.J. Maxx and Marshalls organizations into The Marmaxx Group. In 1997, he was promoted to Executive Vice President, Merchandising at Marmaxx. In 1998, he was named Senior Vice President and Group Executive of The TJX Companies. In that capacity, he helped further the success that both HomeGoods and T.K. Maxx have experienced, positioning each of these divisions for aggressive growth. In 1999, Mr. English was promoted to President and Chief Operating Officer of TJX.
"I consider it a privilege to assume the CEO post of this great Company," stated Mr. English. "In a sense, I have been preparing for this position for many years. However, working so closely with Ben over the past two years has been invaluable to me, both personally and professionally. Ben has created a culture and business philosophy which values people and ethics first. These firmly engrained principles will not change at TJX. I look forward to continuing to work with Ben and the Board of Directors, as well as the very talented team of senior executives and dedicated associates at TJX. I am confident that, together, we will continue our great tradition of growth and success into the future."
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 632 T.J. Maxx, 505 Marshalls, 51 HomeGoods, and 15 A.J. Wright stores in the United States. In Canada, the Company operates 100 Winners, and in Europe, 54 T.K. Maxx stores. TJX's press releases and financial information are available on the Internet at www.tjx.com.
