Toys ‘R’ Us shakes up its leadership
Toys “R” Us has made some changes to its executive leadership.
The company has announced that Michael D. Fascitelli and Michael Ward have resigned their spots on the company’s board of directors. Fascitelli has been a director of the board since 2005, while Ward has been a director since 2007.
According to Toys “R” Us, neither Fascitelli’s nor Ward’s resignation was brought on as a result of any disagreement with the company.
As a result of Fascitelli’s departure, the company has appointed Joseph Macnow to its board. Macnow has served as EVP of finance and administration and CFO of Vornado Realty Trust since January 1998. Meanwhile Greg Why has been appointed to the board to fill the spot left vacant by Ward. Why has served as an operating partner at Bain Capital since December 2009. From October 2006 until December 2009, Why served as an EVP at Bain.
Additionally, the board filled two vacancies with its appointments of Adam Waglay and Dan Guglielmone. Waglay has served as a principal at Kohlberg Kravis Roberts & Co. since July 2010. From July 2007 to July 2010, Waglay served as an associate at KKR. Guglielmone has served as SVP of Vornado since September 2003.
Antonio Urcelay has been appointed interim CEO of the company. Urcelay will also continue to serve in his current role as the president of Europe, which he has held since July 2010. Prior to this, he served as president of Continental Europe (Germany, Switzerland, Austria, France, Spain and Portugal) from August 2004 to July 2010. He replaces Gerald L. Storch, who will no longer serve as the company’s CEO, but who will continue to serve as chairman of the board.