Toys R Us has named David Brandon its new chairman and CEO. Brandon was chairman and CEO of Domino's Pizza for 11 years, leading the company through several initiatives and the largest initial public offering in restaurant history, which doubled the company's enterprise value to $2.5 billion.
"Dave Brandon has an exceptional track record of driving growth, operational performance and profitability in global businesses, while elevating brands and seizing opportunities in highly competitive markets," said the board of directors in a joint statement. "He is a charismatic and passionate leader with a deep commitment to developing talent and driving a team culture focused on achieving measurable results."
Speaking about his new appointment as CEO, Brandon said, "I consider it a tremendous privilege to assume this important leadership role at Toys R Us, one of the most well-known retail brands in the world… I feel fortunate to be succeeding such an experienced and accomplished leader as Antonio. I believe our best days are ahead of us and I'm eager to get started."
Brandon will take over for the current CEO of Toys R Us, Antonio Urcelay, who is retiring. He will join the company in July.
"It has been an honor to lead our 66,000 team members around the world for the past two years, capping what has been a wonderful 19 years of working with this great company," Urcelay said. "I will always be a Toys R Us kid and you can be sure that I will be applauding the team's many successes as the journey continues. Dave is exactly the right leader to take the company into the future, and I am fully confident that under his excellent leadership the team will accomplish many wonderful things."
Toys R Us was taken private in July 2005, when it was acquired by an investment group that included affiliates of Bain Capital Partners, Kohlberg Kravis Roberts and Vornado Realty Trust. There was an attempted Initial Public Offering in 2012, but the effort was later abandoned. Given his history, Brandon's appointment could signal that Toys R Us is once again interested in being a pulicly traded company.
Domino's is not the only company Brandon helped take public. Prior to Domino's, he was president and CEO of Valassis Communications, where he improved operational performance and transitioned the company from a private family-owned business to a publicly traded multimedia company.
Most recently, Brandon served as director of intercollegiate athletics for the University of Michigan, his alma mater. He still serves as chairman of the board at Domino's. Press Release