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By many metrics, TJX Cos. looks like a beacon of diversity—more than three-quarters of employees are women, people of color make up more than half the workforce, and the retail company is considered a top employer for gay people and for people with disabilities. 

Yet, with the shift of former CEO Carol Meyrowitz to executive chairman last year, all of the top executives at the parent company of TJ Maxx and other retail brands are white men. That’s not acceptable, says shareholder NorthStar Asset Management, which is asking the board to make part of current CEO Ernie Herrman’s compensation contingent on diversifying his top corporate officers.

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