Toys 'R' Us lost three more executives — two top HR execs, plus the head of merchandising for Babies 'R' Us — in the days before its recently canceled IPO, according to Matt Townsend at Bloomberg on Wednesday (April 3). But one exec previously dismissed from the chain will be helping to fill the gap.
The executives left in the weeks after 1,500-store chain's CEO, Gerald Storch, said in February that he would resign.
Human resources EVP Daniel Caspersen retired in March, and HR SVP Kelly O'Neill has also left the company. So has SVP Philipp Elliott, who served as merchandising chief for the chain's Babies 'R' Us brand, a company spokeswoman said.
The departures came in the wake of a tough year for the chain, in which sales fell 2.6 percent to $13.5 billion and net earnings dropped 74 percent to $38 million.
Human resources for the 68,000-employee chain will be run by Deborah Derby, who formerly served as Toys 'R' Us chief administrative officer. Derby was dismissed by CEO Storch in February 2012 after another poor holiday selling season. Earlier this year she returned to the retailer as vice chairwoman and EVP. Derby is also leading the search for a new CEO along with the owners, Bain Capital, KKR and Vornado Realty Trust (NYSE:VNO).
- See this Bloomberg story