Toys ‘R’ Us names its new CEO
Toys ‘R’ Us has chosen an experienced e-commerce executive Penny Cox with extensive international experience to take over as CEO.
She will replace Louis Mittoni, the controlling shareholder, who has taken a step back in the organisation as part of a strategic plan for the expansion of the ASX-listed business announced in March.
Cox has held roles with companies including Ocado, Coles, Redmart, Alibaba and Carousell across the UK, Australia, and Southeast Asia. At Redmart, in four years as VP of commercial and marketing, revenue grew from $14 million to $285 million per annum and the platform’s product offer increased 25-fold after the adoption of drop shipping.
In a statement filed with the ASX, Toys R Us said Cox would commence her CEO role on August 7, but in the interim would assist as a consultant in “key IT projects” from next week. Currently based in Singapore, she will relocate to Melbourne, where she has lived previously, with her family during the next few months.
Cox said she was grateful for the board’s confidence in her and has been impressed by the company’s infrastructure and business fundamentals built over a relatively short period.
“I look forward to building on this strong foundation and leading the acceleration of Toy’s growth in the years ahead, enriching more people’s lives through toys and hobbies,” she said.
The board said Cox’s “strong proven capability and background in scaling commerce businesses” is especially applicable to the next chapter of Toys ‘R’ Us ANZ’s expansion, in e-commerce, retail and sublicense retail business streams in Australia, and in the UK, where the company recently entered into an agreement with WH Smith to co-host Toys ‘R’ Us stores.