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Former Michigan AD Dave Brandon calls Toys 'R' Us CEO opportunity a "privilege" in a statement

The retail giant, Toys 'R' Us formally announced Dave Brandon as Chairman and CEO on Tuesday in a statement. Brandon will start his position on June 1.

Rick Osentoski-USA TODAY Sports

What was previously reported by the Wall Street Journal early Tuesday has now come to fruition.

Former Michigan Athletic Director Dave Brandon has a new job outside of the sphere of athletics. Retail giant Toys 'R' Us formally announced Brandon as Chairman and CEO of the company. Brandon will replacing outgoing CEO Antonio Urcelay, who decided to retire from the company.

"I consider it a tremendous privilege to assume this important leadership role at Toys"R"Us, one of the most well-known retail brands in the world," said Brandon in a statement. "And, I feel fortunate to be succeeding such an experienced and accomplished leader as Antonio. I believe our best days are ahead of us and I'm eager to get started. Meeting our employees and vendors is something I very much look forward to, as we begin to work together to drive future growth and create memorable shopping experiences for our customers."

The Toys 'R' Us Board of Directors also released a statement outlining their excitement for Brandon's leadership.

"Dave Brandon has an exceptional track record of driving growth, operational performance and profitability in global businesses, while elevating brands and seizing opportunities in highly competitive markets," said the Toys"R"Us Board of Directors in a joint statement. "He is a charismatic and passionate leader with a deep commitment to developing talent and driving a team culture focused on achieving measurable results. We are excited to bring Dave's leadership, skills and vision to Toys"R"Us at this important juncture, and grateful to Antonio for his service and many contributions to the company during a time of significant change and reinvention."

Brandon, 63, previously served as the CEO of Domino's before named the Athletic Director for the University of Michigan. His tenure as AD saw many patches of turbulence and public relations gaffes before ultimately resigning on October 31, 2014.

As part of Brandon's separation agreement with Michigan, the school was required to pay $3 million over the course of four years in set payments. Included in the agreement was Michigan's ability to not make some of the payments if Brandon were to find another job in the four years left on the payments. Brandon's salary with Toys 'R' Us is unknown at this time but it is unlikely that the University will be responsible for paying all of the remaining payments.

Brandon is set to start at Toys 'R' Us starting July 1.