Discount retailer The TJX Companies Inc. TJX has announced the retirement of its Chairman Bernard (Ben) Cammarata effective Jun 11, 2015. Carol Meyrowitz, who is the CEO of the company, will take the additional position of Chairman of the Board.
Meyrowitz, who took office in Jan 2007, has extensive experience as an off-price executive. She joined TJX in 1983 and since then has served as the Senior Executive Vice President of TJX, President of The Marmaxx Group, Director of TJX as well as the President of the company.
Cammarata has decided to hand in his papers as the Chairman of the Board at TJX and end his 40-year career. He founded T. J. Maxx in 1976 and remained its president till 1987 and took office as the President of TJX. Later, he assumed the responsibilities of Chairman in 1999 and functioned as the CEO of TJX from Sep 2005 to Jan 2007. Post retirement, he will serve the company as an executive advisor.
We believe TJX will continue to move ahead under such leadership. The company recently reported impressive fourth-quarter fiscal 2015 results in Feb 2015. In fact, the off price retailer has been reporting better-than-expected earnings and sales results for the past two years backed by consistently high comparable store sales.
The company also announced a 20% hike in the quarterly dividend on Apr 1, 2015. The raised dividend is payable on Jun 4, 2015 to shareholders of record as of May 14.
However, TJX has been suffering from currency headwinds the Zacks Rank #4 (Sell) company’s top line, going ahead.
Better-ranked stocks in the retail discount sector include Gordman Stores Inc. GMAN, Burlington Stores Inc. BURL and Ross Stores Inc. ROST. While Gordman Stores sports a Zacks Rank #1 (Strong Buy), Burlington Stores and Ross Stores carry a Zacks Rank #2 (Buy).
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