TJX Cos.

Fort Worth, TX: (Apr-04-07) Alex Smith, senior executive vice president and group president of discount department store operator TJX Cos., left TJX Cos. to join Pier 1 Imports Inc. as president and chief executive. TJX accused Smith of violating a noncompete clause in his contract to take the job. Pier 1 Imports Inc. to filed a suit against TJX in state district court in Fort Worth. In a settlement reached, TJX will pay Smith $175,000 in two installments, while Smith will forfeit all remaining amounts that were or could be payable under TJX's management-incentive plan, long-range performance incentive plan and supplemental executive retirement plan. [BUSINESS WEEK: TJX CONTRACT]

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Published on Apr-9-07