PARAMUS, N.J. (AP) -- The president and chief operating officer of Toys R Us resigned Friday, two weeks after the nation's largest toy retailer reported fourth-quarter earnings that were down sharply from a year ago.
Bruce W. Krysiak, 48, also resigned as president of the company's U.S. Toy Store division. He will be succeeded in that position by Mike Shannon, 47, executive vice president since 1998.The company did not appoint a new president and chief operating officer.
"Bruce Krysiak has indicated that he wishes to leave to pursue other interests," said Chief Executive Officer Robert C. Nakasone. "We appreciate his contributions over the past year and wish him well in his future endeavors."
Before joining Toys R Us in February 1998, Krysiak headed the discount chain Dollar General Corp.
Krysiak said it was a "difficult decision that has nothing to do with the direction in which Toys R Us is heading, and which I fully support."
The company's fourth-quarter earnings fell 18 percent from a year ago as it lost business to discount chains like Wal-Mart.
The Paramus, N.J.-based Toys R Us also struggled amid weakness in the toy industry worldwide, with a lack of blockbuster toys driving consumers to stores.
Toys R Us operates 1,500 stores: 704 toy stores in the United States; 466 international toy stores, including franchise stores; 212 Kids R Us children's clothing stores; and 118 Babies R Us stores.
Toys R Us closed 90 stores and cut 3,000 jobs last year and decided to revamp its store format to make it easier to navigate and to add more bargain items, electronics and children's clothing.