Toys R Us has named former AutoNation CFO Michael Short executive VP and CFO to replace Clay Creasey who has left the company after eight years.
Short's appointment begins today, June 23.
"We are delighted to have Mike join the organization during this transformational time for our company and look forward to the benefit of his strong financial and strategic experience, as well as his unique insights and fresh perspective on the business," said Antonio Urcelay, chairman and CEO.
This is, indeed, a critical time for the retailer. Toys R Us posted strong first quarter sales gains on a $196 million net loss. The toy retailer is focused on simplifying its pricing strategy going into the holiday season.
The retailer is working toward making stores easier to shop, adjusting inventory levels to improve in-stocks, improve the online shopping experience and better leverage its loyalty program. Urcelay outlined the strategy, dubbed the "TRU Transformation" during a media event in March. Stores will be remodeled, speed of checkout addressed, in-store services improved and the pricing policy simplified.
Toys R Us also plans to unveil a new prototype later this year.
"I am excited to join the Toys R Us team to help lead the successful execution of the company's 'TRU Transformation' strategy and position the business for profitable growth in the future," Short said.
-See this Toys R Us press release
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