Toys ‘R’ Us CEO Gerald Storch is stepping down from his position at the retailer, but he will remain on as board chairman. The toy retailer says it will begin a search for a successor to Storch, who will continue as CEO during the transition period.
Storch, 56, joined the company in early 2006 following its acquisition by an investment group consisting of affiliates of Bain Capital, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust. As chairman, Storch will continue to provide strategic guidance and play a key role in the company’s growth initiatives.
Under Storch’s leadership the company established its e-commerce business and made strategic global acquisitions – notably the company’s 2011 majority stake in Li & Fung’s existing retail operations of its stores in Southeast Asia and Greater China.