Toys “R” Us Inc. has announced that Gerald L. Storch will transition from his role as CEO of the company, while remaining in his capacity as chairman of the board. The company will begin a search for a successor CEO, and Storch will continue in his position as CEO during the transition period.
Storch, 56, joined the company in February 2006 following its acquisition by an investment group consisting of affiliates of Bain Capital Partners LLC, Kohlberg Kravis Roberts & Co., and Vornado Realty Trust. As chairman of the board, Storch will continue to provide strategic guidance and play a key role in its growth initiatives.
The Toys “R” Us board of directors released a statement, which read, “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. Jerry has delivered some of the best financial results in the more than 60-year history of the company, including multiple years of achieving $1 billion or more in adjusted EBITDA. He has been tireless in his efforts to develop best-in-class e-commerce and omnichannel 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.”
“I am incredibly proud of what we have accomplished together over the past seven years,” said 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.’’’