The announcement was made in the company's 8-K document filed on Feb. 17 and Friedman will officially step down effective Feb. 24.
TRU stated it intends to retain Friedman's advisory services, on a non-exclusive basis, for new ventures and business alliances. He will also work as a consultant in the toy industry.
Prior to TRU, Friedman served as president of Mattel Brands, president of Fisher Price Brands and president of Tyco.
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