Mattel CEO leaves after being at helm for 14 months

April 19, 2018 - 4:42 pm

NEW YORK (AP) — Mattel Inc. says that its CEO Margo Georgiadis is stepping down to pursue a new opportunity in the tech sector.

The toy giant, based in El Segundo, California, says the board has named Ynon Kreiz, a Mattel director since June 2017 as her successor, effective April 26.

Mattel says that Georgiadis will serve in an advisory role through May 10 to ensure a smooth transition.

The departure, announced Thursday, comes after the former Google executive, who took the top spot in February 2017, hasn't been able to turn around the company's business.

Kreiz was named a non-executive chairman of the board in February. He brings more than two decades of experience in the media and entertainment industries.

Mattel's shares rose nearly 4 percent in after-hours trading.

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