Following the announcement of Toys ‘R’ Us CEO Gerald L. Storch transitioning to a new role, the company said it will soon begins the search for a successor.
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.
The board of directors of Toys ‘R’ Us said in a statement that Storch has delivered some of the best financial results in the more than 60-year history of the company, including multiple years of achieving USD1 billion or more in adjusted EBITDA.
"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," the statement added.
Storch, meanwhile said, the hard work and dedication of the Toys ‘R’ Us team around the world is the biggest factor to the company’s success. "Looking to the future, we will always ‘Play to Win’," he said.