Carol Meyrowitz, whose nine-year-run presiding over T.J. Maxx turned the discounter into one of America’s most successful retailers, is stepping down as chairman and CEO Jan. 31, 2016.
Current president Ernie Herrman will succeed her as CEO. He will retain his president title and become a company director.
Meyrowitz will become executive chairman of the board. When she first took over the retailer, it was doing $18 billion in sales. It now claims close to $30 billion in sales, more than Macy’s.
Herrman, who has been with T.J. Maxx since 2011, foresees the company eventually growing to $40 billion in sales and beyond.
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