FRAMINGHAM, Mass. (AFX) - Clothing and accessories retailer TJX Cos. said its board of directors approved an executive succession plan, putting Carol Meyrowitz in the top spot.
Meyrowitz, 52, will replace acting CEO Bernard Cammarata, 66, and become a member of the board. Meyrowitz joined the company in 1983 and was named president of TJX in October of 2005.
Cammarata, who took the interim position after CEO Edmond English resigned in 2005, will remain as chairman of the board.
The changes will be effective Jan. 28, the beginning of the company's next fiscal year.
As part of the transition, Donald Campbell, 55, will assume the post of vice chairman of the company, with responsibility for corporate and administrative functions and business development efforts. He is also the chief administrative and business development officer.
Also, Jeffrey Naylor, 47, the current chief financial officer, is being promoted to chief financial and administrative officer, retaining his senior executive vice president title. The company is currently searching for a new CFO.
TJX operates several retail clothing operations including T.J. Maxx, Marshalls, A.J. Wright, and Bob's Stores.
Shares of TJX fell 15 cents to close at $26.85 on the New York Stock Exchange.
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