US: Toys R Us' Jerry Storch to step down as CEO

But he will remain chairman and CEO during the search for a new boss.
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Toys R Us' Jerry Storch will step down as CEO after seven years at the helm, but will remain Chairman of the Board.

He will also remain CEO while the retailer looks for his successor. 

Storch, 56, joined the company in February 2006 following its acquisition by an investment group including affiliates of Bain Capital Partners, Kohlberg Kravis Roberts 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 said: “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 earnings before tax."

Storch added: "I am incredibly proud of what we have accomplished together over the past seven years.

"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’."

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