Margo Georgiadis is stepping down from her role as chief executive at Mattel a little more than a year into the top job at the toymaker.
The company has named its incoming board chairman, Ynon Kriez – former Fox Kids chief – as her replacement as Georgiadis takes up the position as chief executive at Ancestry.com.
She will start her new role on May 10th this year.
“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,” said the outgoing executive chairman, Chris Sinclair.
Georgiadis’ departure comes as the toymaker has struggled to revive sales. Last year, it suspended dividend, and rival Hasbro surpassed it in annual sales for the first time since 1993. The company also rebuffed a takeover approach from Hasbro.
Under Georgiadis’ leadership, the company has reduced the number of brands and overhauled its management team while pushing to lower costs.
“While the company has been facing significant challenges, we have achieved constructive progress in many key areas,” said Kreiz. “I am committed to building on our existing strategy as we continue to aggressively implement our transformation plan.”