Toys R Us Inc appointed its interim chief executive to the role full-time and hired an executive with experience at rival Wal-Mart Stores Inc to run its U.S. business, ending an eight-month leadership search as it prepares for the holiday season.
Antonio Urcelay, 61, will become chief executive of the toy retailer immediately, after serving as interim CEO since May. He joined the company in 1996.
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Urcelay's base annual salary will be 1 million euros ($1.35 million) per year, Toys R Us said in a filing on Wednesday. For the duration of an employment agreement through October 31, 2015, he will also be eligible for an annual bonus of 150 percent. http://link.reuters.com/xym83v
While serving as the company's European president in 2012, Urcelay's salary was $705,563, Toys R Us said in a separate filing in March. http://link.reuters.com/fan83v
The company said on Wednesday that Hank Mullany would join as president of Toys R Us U.S. on November 5.
Mullany, 55, was previously CEO of The ServiceMaster Co. Prior to ServiceMaster, he was executive vice-president of Walmart U.S. and president of Walmart's northern business, Toys R Us said.
Toys R Us in February said that Gerald Storch would step down from the CEO role, just weeks after the world's largest dedicated toy retailer reported disappointing results for the all-important holiday season.
(Reporting by Jessica Wohl in Chicago and Adithya Venkatesan in Bangalore; Editing by Nick Zieminski and Robin Paxton)