Toys R Us Inc. said on Wednesday that Gerald Storch, 56, will step down as chief executive of the world's largest dedicated toy retailer, while remaining chairman.
The news came just weeks after the company reported lackluster results in the holiday season. The stakes were high for the retailer as it has yet to return to being a public company after filing for an initial public offering in May 2010.
The company said it will start a search for a successor.
Storch, who joined Toys R Us in 2006 after it was taken private by KKR & Co., Bain Capital and Vornado Realty Trust in a $6.6 billion deal, will remain CEO during the transition.
Source:
http://www.chicagotribune.com/business/breaking/chi-storch-to-step-down-as-ceo-of-toys-r-us-20130213,0,6978621.story
