Toys R Us Names Antonio Urcelay as Permanent CEO

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. 

For more see:
-This Chain Store Age article
-This Wall Street Journal article

Related stories:
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

Suggested Articles

Costco changes up its menu items, and Alibaba and Guess partner for a physical store.

Janey Whiteside, Walmart's new chief customer officer, is well acquainted with the importance of customer service in modern retail.

Whole Foods will offer deals on Amazon's Prime Day, and tariffs against China are causing pricing hikes.