© Reuters. MATTEL CHANGE OF DIRECTOR-GENERAL
(Reuters) – Mattel, the toy manufacturer, which is struggling to revive its sales, on Thursday announced the forthcoming departure of its director general Margaret Georgiadis, in post for 14 months, and its replacement by Ynon Kreiz, the administrator of the group, and a specialist in digital.
Kreiz has led in the past the chain of digital Maker Studios, which was bought by Walt Disney to become a Disney Digital Network.
It will replace Margo Georgiadis April 26, the date of the publication of the quarterly financial statements of Mattel.
The group is well known for its Barbie dolls and little Hot Wheels cars has suffered a decline in demand in recent years with the rise of video games and electronic toys at the expense of traditional products.
The filing for bankruptcy of the distributor Toys ‘R’ Us, its main customer, has added to its difficulties, and the title of the group has lost nearly half its value in the past year.
Margo Georgiadis, who had joined Mattel from Google (NASDAQ:GOOGLE) group (Alphabet), will retain an advisory role until may 10, after which it will take the head of the genealogy website Ancestry.
Under his leadership, Mattel has stepped up its cost-reduction efforts, reduced its dividend by over 60% and was replaced in September its chief financial officer Kevin Farr.
His successor will become the president of the board of directors on the occasion of the general assembly scheduled for 17 may, said Mattel.
Action Mattel moved little in after-Trading on Wall Street after closing down 3.17% to 13,45 dollars. The Wall Street Journal reported shortly before the closing that Georgiadis was negotiating his departure from the band.
(Aishwarya Venugopal, Véronique Tison for the French service)