A new fiscal year will bring new leadership for the parent company of apparel and accessories retail chain T.J. Maxx.

TJX Cos. Inc., No. 120 in the 2015 Internet Retailer Top 500 Guide, is promoting company veteran Ernie Herrmann to CEO. Herrmann, who joined the company in 1989 and has been the retailer’s president since January 2011, will take over for outgoing CEO Carol Meyrowitz on Jan. 31, 2016. Meyrowitz will remain with TJX as its executive chairman of the board.

“TJX is a great company, with associates across the globe dedicated to our value mission, and, most importantly, a culture anchored by our integrity,” Hermann said in a statement. “I am excited and energized about the future as we continue to bring value around the world.”

TJX sells online through TJMaxx.com and SierraTradingPost.com. The company relaunched TJMaxx.com in September 2013 after having stopped selling online through the site six years prior. Its other businesses, including discount apparel retail chain Marshalls and off-price home furnishings retail chain HomeGoods, do not sell online.

Top500Guide.com data shows that TJX Cos. has grown its online sales at a rate of 5.77% over the past five years, going from an Internet Retailer-estimated $219.6 million in 2010 to $290.8 million in 2014.