Mattel Inc on Thursday announced that its chief executive officer Margo Georgiadis is stepping down, and is being succeeded by a company director and former studio executive.
The toy giant based in El Segundo, California, said that the board has named Ynon Kreiz, a Mattel director since June last year, as her replacement, effective Thursday next week.
Mattel, the maker of the iconic Barbie and Fisher-Price brands, said that Georgiadis is to serve in an advisory role until May 10 to ensure a smooth transition.
Georgiadis, a former Google executive who took the top spot in February last year, informed the board of her decision and said that she plans to pursue a new opportunity in the technology sector, Mattel said in a statement.
Kreiz, who brings more than two decades of experience in the media and entertainment industries, would become chairman of the board, effective upon his election by shareholders at the company’s annual meeting set for May 17.
During her tenure, Georgiadis sought to cut costs and suspended Mattel’s dividend, but she was unable to turn the company’s business around.
Like other toy companies, Mattel has been grappling with children’s shift away from traditional toys and toward mobile devices — and US shoppers are increasingly buying online at Amazon.com.
The pressures are mounting after Toys “R” Us last month announced that it was liquidating its US stores. The toy chain in fall last year filed for Chapter 11 bankruptcy, but after a disastrous holiday shopping season, it was forced into liquidation.
Kreiz was the former chairman and CEO of Maker Studios Inc, a global digital media and content network company, which was acquired by The Walt Disney Co in 2014.
He previously served as chairman and CEO of the Amsterdam-based Endemol Group.
Mattel’s shares rose more than 1 percent, or US$0.23, to US$13.68 in after-hours trading, after slipping more than 3 percent to US$13.45 in regular trading. Shares have been down nearly 50 percent since Georgiadis took the helm.
NOTABLE SHIFT: By 2030, 50% of all laptops would be assembled in Southeast Asia, while Taiwan would still mostly focus on research and development, a report said Global laptop and desktop computer supply chains are expected to shift significantly away from China in the next 10 years, a Market Intelligence & Consulting Institute (MIC, 產業情報研究所) report said. By 2030, only 40 percent of global laptop production would remain in China, said the report, which was released on Thursday. “The reshuffling of the global supply chain will be one of the most important trends in the next 10 years,” the institute said in the report. “In the long run, key component makers will follow laptop assemblers in moving out of China.” The Taipei-based institute predicted most key component makers
Merck Group Taiwan yesterday said that it plans to invest substantially on expanding its fab in Kaohsiung’s Lujhu District (路竹) to better serve its local customers, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). The company said it plans to expand its production space by 50 percent in the next five years and its workforce by about 40 percent, Merck Group Taiwan managing director Dick Hsieh (謝志宏) told a media briefing in Taipei. Hsieh declined to disclose investment details, but said that the latest investment would exceed the total amount Merck has invested in Taiwan over the past few years. Those investments would be
Yageo Corp (國巨), the world’s third-largest supplier of multilayer ceramic capacitors, has formed a strategic alliance with Hon Hai Precision Industry Co (鴻海精密) to develop key electronic components for electric vehicles and digital healthcare, it said yesterday. The alliance is to help Yageo boost its revenue from high-end components for vehicles and industrial, medical and aerospace devices, as well as those used in 5G and Internet-of-Things devices, the company said. The companies signed the strategic alliance agreement at Yageo’s headquarters in New Taipei City’s Sindian District (新店). Their cooperation is to start this quarter, the companies said in a joint statement. “Through the cooperation
SUPPLY CONSTRAINTS: The transferred orders might not provide an immediate revenue boost given local chipmakers’ high utilization rates, a senior analyst said Shares of local contract chipmakers yesterday rose as much as the 10 percent daily limit, as investors bet on orders being transferred from Semiconductor Manufacturing International Corp (SMIC, 中芯國際) after the US imposed export restrictions on the Chinese chipmaker. United Microelectronics Corp (UMC, 聯電) shares soared 10 percent to close at NT$27.5 as 380 million shares changed hands on the Taiwan Stock Exchange. UMC is the world’s No. 3 foundry by revenue, followed by SMIC, according to data from market researcher TrendForce Corp (集邦科技). UMC has product and customer portfolios similar to those of SMIC, TrendForce said, adding that UMC offers 14-nanometer and