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Richard Sherr has been named group president of The Marmaxx Group and senior executive vice president of parent The TJX Cos. Inc. in a reorganization of the off-price retailer’s executive ranks.
Sherr, who has been president of TJX’s HomeGoods division since 2010, succeeds Michael MacMillan, who has been appointed senior executive vice president of TJX Europe. MacMillan succeeds Paul Sweetenham, who will leave the firm after more than 18 years.
Sherr joined TJX’s TJ Maxx division as a buyer in 1992 and held roles of increasing responsibility prior to being named chief merchant of Marmaxx, composed of TJ Maxx and Marshalls. He served three years as chief operating officer of Marmaxx before his appointment at HomeGoods.
Ken Canestrari, who’s been chief operating officer of HomeGoods since 2008, will succeed Sherr as president of HomeGoods and report to Nan Stutz, senior executive vice president and group president of TJX Canada and HomeGoods.
Sherr, MacMillan and Stutz report to Ernie Herrman, president of TJX, as does Jerome Rossi, senior executive vice president with responsibility for real estate, logistics and e-commerce, among other areas. Doug Mizzi, president of TJX Canada since September, continues to report to Stutz.
“I am extremely confident that these management changes are the right moves at the right time to position TJX to reach our vision of growing to a $40 billion company,” said Carol Meyrowitz, chief executive officer of TJX. “We have a seasoned TJX executive heading each of our four major businesses…all reporting to Ernie Herrman.”
In the fiscal year ended Jan. 29, Marmaxx generated $14.09 billion in sales, 64.2 percent of TJX’s total revenues of $21.94 billion. TJX Canada and TJX Europe each accounted for about $2.5 billion, or 11.4 percent each, and HomeGoods for $1.96 billion, or 8.9 percent. The discontinued A.J. Wright unit was responsible for $888.4 million in sales, or about 4 percent of the total.
The appointments were made on Thursday as TJX reported a December same-store sales increase of 8 percent, boosted its fourth-quarter earnings guidance and said it would enact a two-for-one stock split effective Feb. 2 to shareholders of record Jan. 17.