Former interim CEO Antonio Urcelay has been intalled as Toys R Us permanant executive right before the all-important holiday shopping season. This move is seen as placing great importance of the international markets in the toy retail business.

Urcelay joined Toys R Us back in 1996 was the former president for European business and was elevated to the position of interim CEO last May. Before Toys R Us, he had worked with retaila nd consumer packaged goods firms in Spain.

Urcelay is set to replace former CEO Jerry Storch, who left Toys R Us after five years at the helm.

In a statement, the board of directors of Toys R Us said, "Antonio's extensive knowledge of global markets makes him uniquely qualified to lead the organization as we expand rapidly in Asia and other parts of the world."

In other company news, the company similarly had appointed Hank Mullany as its new president for US business. Mullany was the CEO of The Service Master Co. as well as an executive in Wal-Mart Stores Inc.