MGA Entertainment has promoted Martin J. Elliott to the role of chief financial officer effective immediately, succeeding Stephen Schultz who is stepping down but will maintain an advisory role at the firm until the end of the year.
In his new position, Elliott will report directly to CEO and founder Isaac Larian.
“Martin is a solid financial leader who understands our business and how to maintain its profitability and debt-free status,” said Isaac Larian, CEO and founder of MGAE. “Since his time at MGAE, Martin has brought forth a keen sense of market awareness and insights related to financial analysis and driving profitable growth.
“I am confident that under Martin’s leadership and Steve’s mentorship MGAE will continue to maintain its position and will grow high double digits this year.”
Since joining MGAE in 2015 as vice president of financial planning and analysis, Elliott has made significant contributions to the company. During his tenure, he has guided the profitable growth of MGAE, including oversight of financial planning and analysis, corporate development, cost management, capital allocation and growth optimisation.
Elliott also played an important role in driving industry-leading growth and maintaining the lowest operating cost structure in the toy industry, while at the same time building a strong corporate finance team that has enhanced the company’s global financial capabilities.
“I am honoured to play a deeper role in ensuring that MGAE is best positioned to continue bringing bold innovation to the toy industry,” said Elliott. “I look forward to continuing to work with our talented creative and leadership teams and delivering industry leading returns.”
Elliott is working alongside Schultz, who has been with MGAE for more than a decade, to ensure a seamless transition. This will include a thorough overview of all fiscal functions of the corporation, as well as aligning with the executive management team to establish long-range goals, strategies, plans and policies.
Elliott was the senior director, strategy at Mattel and the director of finance at The Walt Disney Company prior to joining MGAE and has served in a variety of finance and planning roles throughout his 28-year career.
Larian added: “I am grateful to Steve for his many years of partnership and leadership, helping grow MGAE into the toy company it is today. Steve did an incredible job for MGAE the past 10 years during some very, very tough times. We wish him the best; we will miss him.”