Toys ‘R’ Us has announced that Gerald Storch will begin to transition from his role as chief executive officer of the company, while remaining as chairman of the board.
Storch will continue as CEO while his successor is found.
“Jerry has done an exceptional job in rebuilding the company, while successfully leading it through an extremely difficult global economic environment. We are grateful for his leadership over the past seven years and for the strong foundation he has built for the future,” said the Toys ‘R’ Us board of directors in a joint statement. “Jerry has delivered some of the best financial results in the more than 60-year history of the company. He has been tireless in his efforts to develop best-in-class e-commerce and omni-channel capabilities and in significantly expanding the development of proprietary and differentiated products. Under Jerry’s leadership, we rolled out the integrated store strategy around the world and made a number of strategic acquisitions. Most recently, in acquiring the majority stake in the company’s business in Southeast Asia and greater China, he has provided the company with a long runway for growth abroad. We thank Jerry for his strategic repositioning of the business.”
Storch joined Toys ‘R’ Us in 2006 following its acquisition by an investment group consisting of affiliates of Bain Capital Partners, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust.
“I am incredibly proud of what we have accomplished together over the past seven years,” says Storch. “The Toys ‘R’ Us brand is stronger than ever due to the hard work and dedication of our talented team around the world. Looking to the future, we will always ‘Play to Win.’’’