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Mattel Inc (NASDAQ:MAT) announced Thursday that Margo Georgiadis was stepping down as CEO and would be replaced by Ynon Kreiz.
The pressure on Mattel and other toy manufacturers has increased since the liquidation of Toys ‘R’ Us.
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Stifel: 'Mixed' Reaction
“Our initial take on this news is mixed,” Stifel's Drew Crum said in a Friday note.
“It could serve as a read on the progress (or lack thereof) being made on the company's turnaround strategy, and thus frustration on the part of Ms. Georgiadis.”
The leadership change could renew optimism, especially given Kreiz’s extensive experience in media and entertainment sectors, the analyst said.
Kreiz previously served as chairman and CEO of Maker Studios and Fox Kids Europe, both of which he sold to Walt Disney Co (NYSE:DIS). He also served as a general partner at Balderton Capital, a London-based VC firm focusing on early-stage technology and internet startups.
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This leadership change could also signify an opportunity for Mattel to shift its focus towards entertainment, Global Toy Experts CEO Richard Gottlieb was quoted as saying in Reuters.
“It appears that the Mattel board is betting that Kreiz, with his history in entertainment, can turn things around."
Price Action
Mattel shares were down 3.79 percent at $12.94 at the time of publication Friday.
Related Links:
Assessing The Toys 'R' Us Liquidation's Impacts On Hasbro, Mattel and JAKKS
What Toys 'R' Us US Liquidation Means For Toy Makers
Photo courtesy of Mattel.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.