Edmond English, President and Chief Executive Officer of The TJX Companies, commented, "After many years of dedicated service to this Company, Carol has decided that she has reached a juncture in her career at which she wants to seek new opportunities and challenges. She has been instrumental to the success of The Marmaxx Group and, while we will miss her, we are excited for what lies ahead for Carol and wish her the very best. We are extremely fortunate to have a strong and deep management bench throughout Marmaxx and our other divisions and a seasoned Group President in Alex Smith, who will provide continuity in leadership for both Marmaxx and HomeGoods."
The Marmaxx Group
English continued on Marmaxx, "Ernie Herrman has an in-depth knowledge of our business, bringing 15 years of merchandising and broad leadership experience to his new position as President of The Marmaxx Group. His passion for the business and his keen focus on the importance of execution and inventory management has been key to the growth of Marmaxx. Jerry Rossi will be returning to The Marmaxx Group as Chief Operating Officer, after four years as President of HomeGoods, during which time HomeGoods grew to a nearly $1 billion business. With this appointment, we are tapping into Jerry's previous and extensive experience in Marmaxx operations, which will be of great value to the Marmaxx organization. Our focus on succession planning and management development gives me great confidence that we will have a smooth transition and that we have the right team in place to successfully lead this division for the long term. I look forward to working with Alex, Ernie, Jerry, and the entire Marmaxx team in the months and years ahead."
The Marmaxx Group, continued
Carol Meyrowitz, President of The Marmaxx Group and Senior Executive Vice President of The TJX Companies, commented, "I have reached a point in my career in which I believe it is time for me to move on to new opportunities and challenges. Over the next 10 months, I am committed to ensuring an orderly transition with Ernie and the Marmaxx team. I will be pursuing a variety of activities for the foreseeable future, including expanding my participation on corporate boards and other consulting work. Although I do not now know what the longer term holds for my career, I am excited with the possibilities. I feel extremely good about the initiatives that we have put in place at The Marmaxx Group and the momentum of the business. Further, I am sure that Marmaxx is in excellent hands with Ernie Herrman and his solid team, with whom I have worked very closely for the last five years. Finally, I want to thank everyone at TJX, who has made my many years at the Company so enjoyable."
Ernie Herrman, Chief Operating Officer, The Marmaxx Group, and Executive Vice President, The TJX Companies, commented, "I am excited by the opportunities that lie ahead for The Marmaxx Group. I have worked for many years with this great Marmaxx organization and Carol has been a terrific mentor over the past five years. It will be good to welcome Jerry, with his deep understanding of this business, back to Marmaxx, and I look forward to working with him, Alex and the entire Marmaxx team."
Marmaxx Biographies
Carol Meyrowitz has been President of The Marmaxx Group and Executive Vice President of The TJX Companies since 2001. From 1999 to the time Ms. Meyrowitz was named President of Marmaxx, she served as Senior Vice President and then Executive Vice President of Merchandising at Marmaxx. Prior to that, Ms. Meyrowitz held a series of increasingly responsible senior merchandising positions with the Company's former Chadwick's of Boston division, including a period after it was not owned by TJX. Ms. Meyrowitz joined the Company at its former Hit or Miss division in 1983.
Ernie Herrman has been Chief Operating Officer, The Marmaxx Group, and Executive Vice President, TJX, since March 2004. Prior to his appointment as Marmaxx COO, Mr. Herrman was Executive Vice President, Merchandising, Marmaxx, since 2001 and held a series of senior merchandising positions of increasing responsibility since joining TJX as a buyer in 1989.
Jerome Rossi has been President of HomeGoods since 2000. Prior to Mr. Rossi's appointment to that position, he served as Executive Vice President of The Marmaxx Group with direct oversight of Store Operations, Human Resources, and Distribution Services from 1996 - 2000. Prior to that role, he served as President and Chief Operating Officer of Marshalls since 1990, when he joined that chain.
HomeGoods
English commented on HomeGoods, "In Lisa Panattoni, we have a seasoned, senior merchant who understands the HomeGoods business inside and out, and an executive who has great leadership qualities. Since she joined HomeGoods six years ago, Lisa has been instrumental in the growth of this division. She will have a strong team, which will include two TJX veterans who are returning to HomeGoods. Nan Stutz will come back to HomeGoods to succeed Lisa as Senior Vice President, Merchandising. Lisa and Nan have worked together very successfully at HomeGoods in the past, and we believe they will make a great team again. Bob Cataldo will be promoted to Chief Operating Officer for HomeGoods, where he held senior management positions earlier in his career with TJX. I am confident that this reunited team of Lisa, Nan and Bob will do extremely well together and provide strong direction for HomeGoods in the future."
HomeGoods Biographies
Lisa Panattoni was appointed Senior Vice President of Merchandising and Marketing of HomeGoods in May 2003. Prior to that post, Ms. Panattoni served in senior merchandising positions for HomeGoods since 1998. She joined HomeGoods from Marmaxx, where she served in merchandising positions since joining Marshalls in 1990.
Nan Stutz has been Vice President, General Merchandise Manager, Marmaxx, since February 2004. Prior to her appointment to that post, she held a series of senior merchandising positions with HomeGoods, Marmaxx and TJX's former Hit or Miss division, which she joined in 1990.
Robert Cataldo has been Chief Information Officer and Executive Vice President, TJX, since March 2004, and was promoted to that post from his position as Senior Vice President and Corporate Chief Information Officer, TJX, which he held since 2001. Prior to that role he held senior Systems and Finance positions with the HomeGoods division, which he joined in 1997. Prior to joining TJX, Mr. Cataldo held financial positions with Zayre Corp., the predecessor company of TJX, from 1978 - 1988.
About The TJX Companies, Inc.
The TJX Companies, Inc. is the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The Company operates 767 T.J. Maxx, 695 Marshalls, 206 HomeGoods and 121 A.J. Wright stores, as well as 33 Bob's Stores, in the United States. In Canada, the Company operates 167 Winners and 39 HomeSense stores, and in Europe, 160 T.K. Maxx stores. TJX's press releases and financial information are also available on the Internet at www.tjx.com.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking and involve a number of risks and uncertainties. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the forward-looking statements: our ability to continue successful expansion of our store base; risks of expansion; our ability to successfully implement our opportunistic inventory strategies and to effectively manage our inventories; consumer confidence, demand, spending habits and buying preferences; effects of unseasonable weather; competitive factors; factors affecting availability of store and distribution center locations on suitable terms; factors affecting our recruitment and employment of associates; factors affecting expenses; success of our acquisition and divestiture activities; our ability to successfully implement technologies and systems; our ability to continue to generate adequate cash flows; general economic conditions; potential disruptions due to wars, natural disasters and other events beyond our control; changes in currency and exchange rates; import risks; adverse outcomes for any significant litigation; changes in laws and regulations and accounting rules and principles; and other factors that may be described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise our forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized.
