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Toys ‘R’ Us CEO to step down, to stay as board chairman

File photo of shoppers at a Toys “R” Us in Millcreek Township, near Erie, Pa.

Christopher Millette/AP

Toys "R" Us Inc. said on Wednesday that Gerald Storch, 56, will step down as chief executive officer of the world's largest dedicated toy retailer, while remaining chairman of the board.

The company said it will start a search for a successor.

Storch, who joined Toys "R" Us in 2006 after it was taken private by KKR & Co. LP, Bain Capital and Vornado Realty Trust in a $6.6-billion deal, will continue as CEO during the transition period.

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