TK Maxx parent firm TJX Companies has this week announced a host of changes to its senior management team, including the departure of its European head Paul Sweetenham.
Michael MacMillan, the head of The Marmaxx Group, which is part of TJX and is comprised of the TJ Maxx and Marshalls divisions, will assume leadership of the business‘ European division as Senior Executive Vice President (VP) from the start of the next financial year.
Sweetenham, who has been in his current role since 2007, will work alongside his successor until that time, with the aim of completing a smooth changeover process.
Commenting on the change of leadership, CEO of TJX Carol Meyrowitz said: “I am truly delighted that Michael MacMillan will be leading TJX Europe, which we believe holds tremendous growth potential for the company.
“Michael, a UK national, knows TJX inside and out, having held key executive positions at both TJX Canada and The Marmaxx Group across a variety of disciplines with considerable international experience.
“Under Michael‘s leadership, since 2008, The Marmaxx Group has posted consistently strong comp-store sales growth and profits that are expected to have approximately doubled to over $2 billion (£1.28 billion) by the end of this fiscal year.”
She also paid tribute to Sweetenham‘s long service to TJX, which includes roles as Head of Retail Operations at TK Maxx and President of that division.
“Under Paul, TK Maxx successfully built its brand and presence in the UK and Ireland, HomeSense was launched, and we expanded into Germany and Poland. We wish Paul continued success and all good things in the future,” Meyrowitz explained.
Meanwhile, President of the group‘s HomeGoods division Richard Sherr will take up MacMillan‘s position as Senior Executive VP & Group President for The Marmaxx Group, after working his way up through the ranks during a 20-year career with the business.