The board of directors has named Ynon Kreiz, a Mattel director since June 2017, as Margo’s replacement.
Margo is stepping down to take the top job at consumer genomics company Ancestry. A former Google executive who joined the toy company in February 2017, she has been unable to revive sales for Mattel, despite overhauling the company’s management team, suspending its dividend and developing plans to cut $650m in costs. Her departure from Mattel is effective from 26th April, and Margo will begin her job at Ancestry on 10th May, having continued at Mattel in an advisory role to ensure a smooth transition.
Shares of the company fell more than 3% yesterday.
Her replacement, Ynon Kreiz, has been a director on Mattel’s board since June 2017, and is slated to be elected as the board’s chairman at its shareholder meeting on 17th May. He was replacing Christopher Sinclair, the executive chairman and former Mattel CEO, who announced his plan to retire last year.
Ynon has more than two decades of experience in the media and entertainment industries, particularly children’s entertainment. He is the former CEO and chairman of Maker Studios, which was sold to The Walt Disney Company in 2014. Prior to that he was the chairman and CEO of Endemol Group, one of the world’s largest independent television production companies.
Earlier in his career, Ynon co-founded Fox Kids Group Europe, a children’s entertainment company, which was also acquired by Disney in 2002.
“Ynon has tremendous expertise across areas critical to our strategy, including digital, media and entertainment, and we have already benefited from that experience and his compelling vision for the company since he became a director,” Christopher Sinclair said in a statement.
He added: “On behalf of the board and management team, we thank Margo for her service and many contributions to Mattel. We wish her the best in her future endeavours.”