TJX Companies chairman Ben Cammarata announces retirement

TJX Companies, home of TJ Maxx, HomeGoods, Marshalls and Sierra Trading Post, announced that Chairman of the Board Ben Cammarata (right) has decided to retire, effective June 11, 2015, after 40 years with the company.

The board plans to elect CEO Carol Meyrowitz as its new director, while Cammarata will remain with the company as founder and executive advisor. Meyrowitz has acted as CEO since 2007 and has been a director since 2006.

"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," Cammarata said in a statement. "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 has been chairman since 1999 and founded TJ Maxx in 1976. He was president of the retailer until 1987 when he became CEO of TJX, a position he held for 13 years. Meyrowitz joined the company in 1983 and has served as CEO since January 2007. She previously acted as senior executive VP of TJX and president of The Marmaxx Group. Press release