William Swanson, who retired as chairman of Raytheon Co. in September, has been elected to the board of The TJX Cos. Inc., the off-price retailer based in Framingham, Mass.
The addition of Swanson expands the number of directors to 11, all but two of whom, chairman Bernard Cammarata and chief executive officer Carol Meyrowitz, are deemed to be independent.
Swanson had a 42-year career with Raytheon, a leading defense and security company, and was named chairman and ceo in 2004. He relinquished the title of ceo in March.
“Bill brings extensive experience in leading a global Fortune 200 company,” Cammarata said. “We see his deep international knowledge as a complement to our board as we continue to pursue our successful growth as a global value retailer.”
In addition to its production of defense material, Raytheon is a leader in the field of cybersecurity. TJX was among the first major retailers to be hit by a major hacking incursion. Its systems were first breached in 2005 and, by the time the cybertheft was detected in 2007, more than 45.7 million credit and debit card records had been compromised.
TJX, which operates TJ Maxx and Marshalls in the U.S. through its Marmaxx division, generated sales of $27.42 billion in 2013 and is expected to conclude fiscal 2014 with sales of $29.05 billion, according to a survey of analysts who track the firm.