Toymaker Mattel Inc. (MAT) has named Ynon Kreiz its new CEO. He will assume the post on April 26.
As previously announced, Kreiz, who has been a board director since June 2017, will also be board chairman, effective upon his election to the post during the annual stockholders meeting on May 17.
He replaces Margaret Georgiadis, who according to the Wall Street Journal on Thursday, informed that board that she was resigning. In Mattel's top spot for less than a year, Georgiadis is returning to the technology field, where she held numerous positions, including at Alphabet Inc. (GOOGL) and Groupon Inc. (GRPN) . Georgiadis will serve in an advisory role at Mattel through May 10.
"Ynon has tremendous expertise across areas critical to our strategy, including digital, media and entertainment, and we have already benefitted from that experience and his compelling vision for the company since he became a director," said Christopher A. Sinclair, the executive chairman and former CEO of Mattel who last year announced plans to retire at the annual meeting, in a press release. "Ynon has excelled at anticipating industry trends and brings an outstanding track record of innovation and success, with over 20 years of experience in the media and entertainment industries, including particularly deep experience in children's entertainment. We are pleased he has agreed to take on this new role and are confident he and Margo will ensure a seamless transition given their strong relationship."
The company declined to respond immediately to a request from TheStreet for comment, beyond the press release.
Kreiz takes the helm of a troubled toymaker, struggling to convince investors that its turnaround is working. Like other toy companies, it is also dealing with the fallout from the demise of toy retailer Toys 'R' Us.
Mattel closed down slightly at $13.45 on Thursday.