Mattel CEO resigning “to pursue a new opportunity’’, as CEO Margo Georgiadis steps down Ynon Kreiz take the top executive role as of April 26.
“I am excited by the opportunity to lead the company towards its next phase of transformation and restore Mattel to a high performing toy company,” Kreiz said. “While the company has been facing significant challenges, we have achieved constructive progress in many key areas.”
The shift comes during a hard time in the toy space, as retail giant Toys R Us is liquidating. Toy makers like Mattel and Hasbro have been challenged by the rise of tech-focused gadgets and increasing dominance of online giant Amazon.
However it experienced tumbling sales over the crucial holiday season, and has been shaken by the demise of Toys R Us, which accounts for 15% to 20% of the toy maker’s U.S. sales.
Mattel has diversified its iconic Barbie collection. It is launching a doll that wears a hijab and revamped its nearly 50-year-old Uno card game with a fresh twist dubbed Dos.
Kreiz brings a background in television and production to Mattel. He has been CEO of Maker Studios, a digital media and content company. Kreiz also helped launch Fox Kids Europe, which produces children’s programming and has dozens of pay TV stations overseas.