Mattel CEO Margaret Georgiadis to step down

(Reuters) - Toymaker Mattel Inc <MAT.O> Chief Executive Officer Margaret Georgiadis, who took the helm in February last year, will step down and be replaced by company director Ynon Kreiz, effective April 26, the company said on Thursday.

Shares of the toymaker rose 4 percent in extended trading after closing down 3.2 percent.

Georgiadis, who informed the board that she plans to pursue a new opportunity in the technology sector, will serve in an advisory role at Mattel until May 10 to ensure a smooth transition.

The new CEO Kreiz will become chairman of the board after his election at the annual shareholders' meeting slated for May 17, Mattel said.

The bankruptcy and liquidation of Mattel's top customer Toys "R" Us has heaped more pressure on the toymaker and highlighted the troubled retail environment. Shares of the Barbie doll maker has lost nearly half of its value in the past one year.

Mattel is scheduled to release its first quarter results on April 26 and its conference call will be hosted by Mattel executives, including Georgiadis.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

04/19/2018 16:33

News, Photo and Web Search