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Toys 'R' Us taps new CEO
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January 11, 2000: 12:40 p.m. ET
Toy chain asks top FAO Schwarz executive to come out and play
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NEW YORK (CNNfn) - Buffeted by disappointing sales, Toys 'R' Us Inc. said Tuesday it picked the head of rival FAO Schwarz to be the big toy retailer's new president and CEO.
John Eyler, 52, will take the helm of the Paramus, N.J.-based chain Jan. 17. Eyler had been chairman and CEO of New York-based specialty toy retailer FAO Schwarz since 1992.
Schwarz has more 40 stores across the country, compared with Toys R Us, which has 1,544 stores throughout the world.
Toys 'R' Us (TOY) has been operating without a permanent CEO since Robert Nakasone left the company in August. His departure came on the heels of flat second quarter sales.
"We are delighted to have someone the caliber of John Eyler lead Toys 'R' Us into the new millennium," Michael Goldstein, chairman and acting CEO, said.
Eyler said he has always been impressed with the Toys 'R' Us brand.
"I look forward to working with the Toys 'R' Us family to help the company reach its potential of being the premier retailer for toys and children's products," Eyler said.
Toys 'R' Us has had its troubles over the last 12 months. The company, which lost its title as the nation's No. 1 toy retailer to Wal-Mart Stores Inc. (WMT), saw its comparable-store sales decline 2 percent for the nine weeks ended Jan. 1.
Total sales were little changed at $4.4 billion. And though the company's Web site racked up impressive sales, it had problems fulfilling many orders.
Shares of Toys 'R' Us (TOY) were down 3/4 to 11-7/8 at midday Tuesday. 
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Toys R Us
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