During the same quarter a year ago, the business earned $0.75 earnings per share.
Advertisement
Under the CEO succession plan approved by the board, Herrman will assume the role of CEO at the beginning of the company’s next fiscal year on January 31, 2016. “I am excited to work with Ernie Herrman in his new role and continuing our 20-plus years of working together at the company”. TJX Companies presently has a consensus rating of “Buy” and an average price target of $77.73.
Boston Business Journal managing editor Craig Douglas joins necn to discuss his site’s story, “Carol Meyrowitz to step down as CEO of The TJX Cos”.
Herrman, 54, was widely expected to take over once Meyrowitz chose to bow out, and investors pushed TJX’s stock up on the news. TJX Companies, Inc. (The) (NYSE:TJX) stock has received a short term price target of $ 80.93 from 14 Analyst.
Citigroup has initiated its coverage on The TJX Companies (NYSE:TJX), today Wednesday morning.
But her road to the top of retail had a few setbacks.
During Meyrowitz’s nine-year period at the helm, she spearheaded the company’s store expansion, taking advantage of shoppers flocking to discount outlets for name brand clothing during the depths of the Great Recession.
Cammarata served as chief executive again until Meyrowitz got the job in January 2007. TJX Companies has a 52 week low of $59.22 and a 52 week high of $76.93.
Herrmann was always the natural successor, Bernstein analyst Anne-Charlotte Windal said. “Herrman is very similar to Carol and really came up through the ranks”.
Herrman, a Boston College graduate, has a long history with TJX and started as a buyer. He was named Senior Executive Vice President, Group President, in August 2008, with responsibilities for The Marmaxx Group, the Company’s largest division, HomeGoods and TJX Canada.
He was named president in January 2011.
Advertisement
“As a almost $30 billion company, we are confident that this structure allows us to continue to support and maximize the growth potential of TJX”, Meyrowitz said in a statement. “That’s really rare and a testament to the depth of the bench”.
