April 5, 2007
TJX, Pier 1 settle CEO spat
By Matthew L. Brown
In U.S. Securities and Exchange Commission filings, Framingham-based TJX Cos. said it had reached a settlement with Alexander W. Smith, the company's former senior executive vice president.
TJX and Pier 1 Imports Inc. had been locked in a battle over whether Smith's employment at Pier 1 violated the non-compete agreement in his TJX contract.
TJX had refused to pay Smith after he left the company for Pier 1. Smith is president and CEO of Pier 1.
As part of the settlement, TJX said it would pay Smith $175,000, and agreed that the non-compete agreement does not apply to his employment at Pier 1.
In addition to TJ Maxx, TJX owns Bob's Stores, Marsalls HomeGoods and several other retail chains.
TJX and Pier 1 Imports Inc. had been locked in a battle over whether Smith's employment at Pier 1 violated the non-compete agreement in his TJX contract.
TJX had refused to pay Smith after he left the company for Pier 1. Smith is president and CEO of Pier 1.
As part of the settlement, TJX said it would pay Smith $175,000, and agreed that the non-compete agreement does not apply to his employment at Pier 1.
In addition to TJ Maxx, TJX owns Bob's Stores, Marsalls HomeGoods and several other retail chains.
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