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.
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