TJX Founder Cammarata Retiring After 40 Years With Company

Framingham-based TJX Companies, Inc. , an off-price retailer of apparel and home fashions in the U.S. and worldwide, announced Bernard (Ben) Cammarata has decided to retire as Chair of the Board of The TJX Companies, after nearly 40 years of service to the Company.

His retirement will be effective on the date of the Company’s next annual meeting of stockholders, June 11, 2015.

After his retirement from the Board, Cammarata will remain with the Company in an advisory role as Founder and Executive Advisor.

The Board intends to elect Carol Meyrowitz, Chief Executive Officer of TJX since 2007 and a Director of the Board since 2006, to the additional position of Chair of the Board immediately following Cammarata’s retirement at the annual meeting.

Meyrowitz commented, “Ben Cammarata has helped grow TJX from its infancy to the nearly $30 billion company we are today, and he has been a mentor, partner and friend to me over many years. I share his dedication to and passion for this Company and consider it a great privilege to succeed him as Chairman of the Board. Ben founded our business based on the values of acting with integrity, treating each other with respect and dignity, and being a teaching organization. These are values that remain core to TJX. Ben has put his heart and soul into this business, and I am delighted that he is remaining with us in an advisory role and we will continue to benefit from his extensive knowledge and experience. I have great confidence that together with the Board of Directors, our deep bench of senior executives, and all of our Associates at TJX, we will continue our successful growth into the future as a global, value retailer.”

Cammarata said in a press release, “Having founded this business nearly four decades ago and after serving as its Chairman of the Board for 17 years, I couldn’t be more convinced that Carol Meyrowitz is the right person to lead our Board of Directors into the future. Carol has been with the Company for 33 years and CEO for nine years, and a great deal of TJX’s success is attributed to her leadership, strategic vision, and many contributions to our Company. I remain as passionate as ever about our business, and I am very pleased to remain actively involved with the Company. I look forward to continuing to work with Carol and the rest of our very talented organization as TJX continues on its path of profitable growth.”

Cammarata, 75,has been Chair of the Board of TJX since 1999.

He founded T.J. Maxx in 1976 and served as its President until 1987.

At that time, he was named President and Chief Executive Office of TJX, and served in that position until 2000.

Cammarata also was Acting Chief Executive Officer of TJX from September 2005 to January 2007. He also previously served as Chair of The Marmaxx Group, the Company’s largest division. Cammarata’s experience in off-price retailing spans more than 40 years.

Meyrowitz, 61, who joined the Company in 1983, has been Chief Executive Officer of TJX since January 2007, a Director since September 2006, and also served as President from October 2005 to January 2011.

She has extensive experience as an off-price executive, having previously served as Senior Executive Vice President of TJX and President of The Marmaxx Group. For several months in 2005, she was employed in an advisory role for TJX and consulted for Berkshire Partners L.L.C., a private equity firm based in Boston. Meyrowitz served as President of Marmaxx from 2001 to January 2005. She also previously held senior management positions with Chadwick’s of Boston and Hit or Miss, former divisions of TJX. Meyrowitz is also a director of Staples, Inc.