The retailer, whose like-for-like sales in December fell 1.8% in the USA and 3.5% overseas, has indicated that it is looking for Mr Storch’s successor.
The departure is said to be a “mutual decision” between Mr Storch and the board, said a person familiar with the situation.
The board said Mr Storch had delivered some of the best financial results in the company’s 60-year history. It said: “Jerry has done an exceptional job in rebuilding the company, while successfully leading it through an extremely difficult global economic environment.”
Mr Storch, who has led the company since 2006, will remain in his post until a replacement is found, and will stay on as chairman beyond that.