Mattel CEO Margo Georgiadis Steps Down, New CEO Announced

Last Updated on January 3, 2020 by Danielle

Mattel CEO Ynon Kreiz

After just 14 months at the helm, Margaret “Margo” Geogiadis is leaving embattled toy maker Mattel, failing to turnaround its fortunes. Mattel announced Ynon Kreiz as her successor.

Mattel, the toy giant behind popular brands like Barbie, American Girl, Fisher-Price, and Hot Wheels, announced that its CEO Margo Georgiadis is departing the company after 14 months with the beleaguered toymaker. She previously held a position as a Google executive and was brought on to rejuvenate the sliding performance of Mattel.

During her tenure, despite her many contributions, she was unable to turnaround Mattel’s fortunes. Mattel was hit hard by Toys R Us filing for bankruptcy in September of last year and most recently with its recent liquidation.

Evidently, Georgiadis is pursuing a new opportunity in the tech sector. In the wake of this announcement, Mattel announced Ynon Kreiz, a former studio executive, as her successor. Kreiz will take over the helm as CEO of Mattel beginning Thursday, April 26th of next week. Mattel is hoping to bring an end to a four-year sales slump. Interestingly, Kreiz will be the fourth person to hold the title of Mattel CEO in as many years.

Since Christopher Sinclair, a former Mattel CEO, announced his retirement, Kreiz will additionally take on the role of Mattel’s chairman.

In a statement, Sinclair stated: “We thank Margo for her service and many contributions to Mattel. We wish her the best in her future endeavors.”

When Georgiadis took the helm of Mattel in February 2017, it was already struggling. Toys R Us’s bankruptcy filing and liquidation made her task all the more challenging, as Toys R Us generated between 15 to 20 percent of Mattel’s U.S. sales.

Georgiadis’s strategy was to focus on enhancing its core brands – Barbie, American Girl and others – and streamline operations while introducing cost reductions, which included eliminating Mattel’s dividend and closing its New York office.

However, last year Mattel’s sales dropped sharply by 11 percent to $4.9 billion and it reported a loss of $1.1 billion. Changes in U.S. tax laws contributed to a portion of the loss.

After Mattel’s announcement of Georgiadis’ departure, Mattel’s stock tumbled 3 percent to $13.45 per share. Interestingly, Mattel’s stock has taken a beating – plummeting almost 50 percent – under her tenure.

Source: LA Times

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