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Toys 'R' Us CEO Gerald Storch resigns

Toys ‘R' Us' Gerald Storch has announced that he will step down from his post as CEO of the retail giant. He will, however, continue to serve as chairman of the board.

 Gerald StorchGerald Storch

The retailer will search for a successor with Storch remaining as CEO during the transition period.

Storch, who joined TRU in 2006, said he would step down on Wednesday, just days after the retailer announced disappointing holiday sales. During his time with TRU, Storch was responsible for taking over the Toysrus.com website and purchasing Toys.com, KB Toys and the FAO Schwarz toy store chain.

As chairman of the board, Storch will continue to provide strategic guidance and play a key role in its growth initiatives, according to a statement by TRU.

"I am incredibly proud of what we have accomplished together over the past seven years," said Storch in a statement. "The Toys ‘R' Us brand is stronger than ever due to the hard work and dedication of our talented team around the world. Looking to the future, we will always ‘Play to Win.' "

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