Toys R Us announced Wednesday that Antonio Urcelay has been named chief executive, effective immediately, after serving as the company's interim CEO since May of this year. The company also hired Hank Mullany, a former executive vice president at Walmart (NYSE: WMT), as president. The appointment ends an eight-month leadership search just in time for the critical holiday shopping season.
Urcelay has been with the company since 1996 and had been president of the company's Europe business before being appointed interim CEO. The company's former CEO Gerald Storch stepped down in February after the toy retailer suffered a decline in holiday sales.
"Antonio's extensive knowledge of global markets makes him uniquely qualified to lead the organization as we expand rapidly in Asia and other parts of the world," Toys R Us said in a statement, reports Chain Store Age.
Toys R Us is facing tough competition from online stores, such as Amazon.com (NASDAQ: AMZN), and Walmart, the discounter that has become the biggest seller of toys in the United States. In its most recent quarter, Toys R Us' net loss widened as sales declined due to customers spending more cautiously and video game sales continuing to struggle.
Toys R Us HR and Merchandising Execs Leave in CEO's Wake
Toys R Us Fighting To Return The Old-Fashioned Way: It's Actually Fighting
Toys R Us Drives Mobile Toys for Holiday Season
Toys R Us Has Best Mobile Shopping Customer Experience
Toys R Us Tries Nickelodeon Shop-In-Store In Times Square