April 30, 2013

TJX's Meyrowitz Sees Big Pay Bump

Carol Meyrowitz, CEO of the Framingham-based TJX Cos., saw her compensation nearly double in the clothing and home goods retail company's most recent fiscal year, according to public filings.

The increase brought Meyrowitz's compensation back up toward levels seen two years ago.

Meyrowitz, who has been CEO for more than six years, earned $21.8 million in salary, stock, options and other incentives in the fiscal year ended Feb. 2, 2013. That compares to compensation of $11.1 million in 2012 and $23.1 million in 2011.

The compensation package comes at the end of a strong year for TJX, the parent company of retail brands T.J. Maxx, Marshalls and HomeGoods. The company boosted sales 11.6 percent to $25.9 billion and profits by 27 percent to $1.9 billion.

TJX told The Boston Globe last week that the year-over-year change is skewed somewhat by the fact that the company was required to report $12.6 million in stock awards for 2011, despite the fact that those awards were disbursed in both 2011 and 2012. Last year's compensation for Meyrowitz included no stock awards because of that, which makes the jump seem larger.

Still, Meyrowitz is one of the state's highest paid CEOs. Several other big firms have filed compensation data for the most recent year, including EMC Corp. in Hopkinton and Boston Scientific in Natick (which is moving its headquarters to Marlborough).

EMC's Patrick Gelsinger, the former president and COO of EMC who became CEO of subsidiary VMware in August, earned $17.7 million last year. EMC's CEO, Joseph Tucci, earned $16.6 million.

Michael Mahoney, CEO of Boston Scientific, earned $10.8 million last year.

In other TJX news, the company announced today a public offering of $500 million in aggregate principal notes. They will be due in 2023 and will have interest rate of 2.5 percent per year, beginning May 2. TJX said it will use the proceeds from the sale for working capital and other general corporate purposes.

Read more

TJX Same-Store Sales Dip

TJX Sales Up 1% For Feb.

TJX Grows Revenue, Profits In Fiscal ‘13


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