June 02, 2015 // Franchising.com // WAYNE, NJ – Toys"R"Us, Inc., the world’s leading dedicated toy and baby products retailer, today announced the appointment of David A. Brandon, a highly accomplished leader of global businesses, as Chairman and CEO, effective July 1, succeeding Antonio Urcelay, who will retire from the company.
Brandon, 63, has deep experience in growing businesses, developing talent and building high-performance cultures that enable organizations to create and capture value. As Chairman and Chief Executive Officer of Domino’s Pizza for 11 years, he led the company to unprecedented profit growth and the successful completion of the largest initial public offering in restaurant history, which subsequently doubled Domino’s enterprise value to $2.5 billion. Brandon has remained Chairman of the Board of Domino’s as the company has further grown its value to over $7 billion. Prior to this, Brandon was President and Chief Executive Officer of Valassis Communications for nine years, a period during which he made significant improvements in its operational performance and led the company’s transition from a private family-owned business to a publicly traded industry leader of media and marketing services. He most recently served for nearly five years as Director of Intercollegiate Athletics for his alma mater, the University of Michigan.
Regarding his new role, Brandon said, "I consider it a tremendous privilege to assume this important leadership role at Toys"R"Us, one of the most well-known retail brands in the world. And, I feel fortunate to be succeeding such an experienced and accomplished leader as Antonio. I believe our best days are ahead of us and I’m eager to get started. Meeting our employees and vendors is something I very much look forward to, as we begin to work together to drive future growth and create memorable shopping experiences for our customers."
Urcelay, 63, joined Toys"R"Us, Inc. in 1996 and was appointed Chairman and CEO in November 2013, after directing the organization’s European business for many years. Under his leadership, the company embarked upon its "TRU Transformation" strategy to position the business for sustainable long-term growth and leveraged its international scale in instituting a global approach to doing business.
Urcelay said, "It has been an honor to lead our 66,000 team members around the world for the past two years, capping what has been a wonderful 19 years of working with this great company. I am very proud of the progress we have made and the positive results we are already experiencing on the road to fully transforming the business. In my heart, I will always be a Toys"R"Us kid and you can be sure that I will be applauding the team’s many successes as the journey continues. Dave is exactly the right leader to take the company into the future, and I am fully confident that under his excellent leadership the team will accomplish many wonderful things."
"Toys"R"Us has made significant progress in transforming the business in recent years. It must continue to execute its strategic plan and grow earnings, while energizing its authority position in the market through innovation," the Toys"R"Us, Inc. Board of Directors said in a joint statement. "Dave Brandon has an exceptional track record of driving growth, operational performance and profitability in global businesses, while elevating brands and seizing opportunities in highly competitive markets. He is a charismatic and passionate leader with a deep commitment to developing talent and driving a team culture focused on achieving measurable results. We are excited to bring Dave’s leadership, skills and vision to Toys"R"Us at this important juncture, and grateful to Antonio for his service and many contributions to the company during a time of significant change and reinvention."
Toys"R"Us, Inc. is the world’s leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 866 Toys"R"Us and Babies"R"Us stores in the United States, Puerto Rico and Guam, and in 730 international stores and over 240 licensed stores in 37 countries and jurisdictions. In addition, it exclusively operates the legendary FAO Schwarz brand and sells extraordinary toys in the brand’s flagship store on Fifth Avenue in New York City. With its strong portfolio of e-commerce sites including Toysrus.com, Babiesrus.com and FAO.com, it provides shoppers with a broad online selection of distinctive toy and baby products. Headquartered in Wayne, NJ, Toys"R"Us, Inc. employs approximately 66,000 associates annually worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need. Additional information about Toys"R"Us, Inc. can be found on Toysrusinc.com. Follow Toys"R"Us, Babies"R"Us and FAO Schwarz on Facebook at Facebook.com/Toysrus, Facebook.com/Babiesrus and Facebook.com/FAO and on Twitter at Twitter.com/Toysrus and Twitter.com/Babiesrus.
All statements that are not historical facts in this press release, including statements about our beliefs or expectations, are forward-looking statements. These statements are subject to risks, uncertainties and other factors, including, among others, the seasonality of our business, competition in the retail industry, changes in our product distribution mix and distribution channels, general economic factors in the United States and other countries in which we conduct our business, consumer spending patterns, birth rates, our ability to implement our strategy including implementing initiatives for season, our ability to recognize cost savings, marketing strategies, the availability of adequate financing, access to trade credit, changes in consumer preferences, changes in employment legislation, our dependence on key vendors for our merchandise, political and other developments associated with our international operations, costs of goods that we sell, labor costs, transportation costs, domestic and international events affecting the delivery of toys and other products to our stores, product safety issues including product recalls, the existence of adverse litigation, changes in laws that impact our business, our substantial level of indebtedness and related debt-service obligations, restrictions imposed by covenants in our debt agreements and other risks, uncertainties and factors set forth in our reports and documents filed with the Securities and Exchange Commission (which reports and documents should be read in conjunction with this press release). In addition, we typically earn a disproportionate part of our annual operating earnings in the fourth quarter as a result of seasonal buying patterns and these buying patterns are difficult to forecast with certainty. We believe that all forward-looking statements are based on reasonable assumptions when made; however, we caution that it is impossible to predict actual results or outcomes or the effects of risks, uncertainties or other factors on anticipated results or outcomes and that, accordingly, one should not place undue reliance on these statements. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update these statements in light of subsequent events or developments unless required by the Securities and Exchange Commission’s rules and regulations. Actual results and outcomes may differ materially from anticipated results or outcomes discussed in any forward-looking statement.
SOURCE Toys"R"Us, Inc.
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