By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Wayne, N.J. — Toys“R”Us has named company veteran Antonio Urcelay CEO and former Walmart regional president Hank Mullany president.
Urcelay, who joined the No. 1 toy chain in 1996, had served as interim CEO since May, and succeeds Gerald Storch, who remains chairman.
Mullany joins the retailer from The ServiceMaster Co., a residential and commercial service business, where he was CEO. Prior to that he was an executive VP at Walmart U.S. and president of the discounter’s northern division.
In his new role, Mullany will oversee all merchandising, marketing, e-commerce and store operations for the chain’s 878 U.S. locations. He will report to Urcelay, who in turn will continue to provide “worldwide leadership in driving key strategies and growth initiatives” in the company’s more than 1,500 stores in 36 countries and jurisdictions, the retailer said.
In a joint statement, the Toys“R”Us board said, “Together, we believe they will be a powerful team that shares an unwavering commitment and passion for serving our customers, reenergizing the business and further positioning the company for long-term growth.”
The new management duo faces an uphill slog. Toys“R”Us’ second-quarter losses more than tripled to $113 million for the period ended Aug. 3 on weakness in its CE, video gaming and juvenile businesses, following a $111 million loss in the prior quarter.
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