Carol Meyrowitz, who has championed the growth potential of Sierra Trading Post, will step down as CEO of The TJX Companies in January under a succession plan announced by the company Oct. 8.
The plan calls for Ernie Herrman, 54, to succeed Meyrowitz, 61, as CEO on Jan. 31, 2016 at the start of the retailer’s new fiscal year. Herrman will retain his current title as president of the company. Meyrowitz, current Chairman and CEO, will become executive chairman of the board at that time. The board also elected Herrman a director of the company, effective immediately.
Meyrowitz has served as TJX CEO for nine years and presided over the company's $200 million acquisition of Sierra Trading Post in December 2012. Sierra Trading Post, which specializes in selling outdoor recreation products at discounts of up to 70 percent, has since expanded from two to six retail locations, including its first stores in Colorado, and broken ground on a major expansion of its headquarters and fulfillment center in Cheyenne, WY. Sierra Trading Post plans to open its seventh and eighth new stores this year, including its first location in the Northeast.
While that’s a tiny fraction of the nearly 2,600 stores TJX operates in the United States, Meyrowitz said in May Sierra Trading Post had the potential to become the company’s fourth major chain behind T.J. Maxx, Marshall’s and Homegoods.
During Meyrowitz’s tenure as CEO, TJX overtook Macy’s by growing revenues from $18.3 billion to $29.1 billion.
