FAO Schwarz replaces CEO

New York City FAO Schwarz said Wednesday it replaced its chief executive Ed Schmults with Barry Erdos, the former president of online retail site Bluefly.com, effective immediately.

Erdos, 65, had been president, COO and acting CFO at Bluefly.com since January 2008. Before that, he was president and COO at Build a Bear Workshop.

Schmults, 46, had been chief executive at FAO Schwarz since 2005. The company said he resigned to pursue other interests.