Boston, MA 04/04/2013 (wallstreetpr) – Gerald Storch the Chief Executive Officer of the retailer Toys “R” Us Inc has announced that he will be stepping down from his post. Soon after this announcement three other senior members of the management left the company. Kathleen Waugh, the spokesperson for the company confirmed that the human resources executive vice president, Daniel Caspersen retired last month and so did two senior vice-presidents of the company, Phillip Elliott and Kelly O’Neill. The company has been on the down-trend since the holiday season and Storch announced that he will be stepping down from his post.
Tough market competition
He has been fighting a losing battle with competitors such as Wal-Mart Stores, Inc (NYSE:WMT) (Current: $76.00, Up by 0.03%) and Amazon.com, Inc (NASDAQ:AMZN) (Current: $258.80, down by 0.09%) and has been unable to boost the company revenue. He also said that he will be staying till the point of time the company is able to find someone to fill in the post. In a filing last month, Toys “R” Us said that the market conditions had been too unfavorable and that they have consequently had to pull out the scheduled Initial Public Offering.
New human resources head
The 60-year-old Caspersen had joined the company in 2006 hardly a year after the company had been acquired for $6.6 billion by Vornado Realty Trust (NYSE:VNO) (Current: $84.43, Down BY 0.02%) and Bain Capital LLC, KKR & Co. Elliott had been in charge of merchandising for the babies brand of the store while O’Neill had been in human resources with Caspersen. Deborah Derby will now be looking after the human resources department. She has been with the company is varying capacities since 2000. At one point of time she was also the Chief Administrative Officer of the company.
After a stint with Kenneth Cole Productions Inc she backtracked to Toys “r” Us in the role of vice chairman and executive vice president. Waugh said that she is spearheading the new CEO hunt. Last week the retailer went ahead and refinanced over $600 million worth of loans which extended its long-term maturity to the year 2016.
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