Mattel has appointed the former Campbell Soup Co. executive Anthony DiSilvestro to the role of chief finance officer, following the conclusion of an investigation into accounting issues that saw the toy company restate its past earnings.
DiSilvestro will replace Joseph Euteneuer whose departure from the firm was detailed in October last year. Euteneuer’s departure was originally slated after a six-month transition period, but was delayed due to the ‘unprecedented events surrounding COVID-19 and the disruption to the global economy.’
The departure follows an accounting error that was tied to Mattel’s ownership of Thomas & Friends that reduced Mattel’s loss for 2017’s third quarter. Senior finance executives and Mattel’s auditor, PricewaterhouseCoopers, took the decision to change the accounting treatment of the Thomas asset.
Euteneuer now gives way to DiSilvestro, who has most recently served as Campbell Soup’s senior vice president and chief financial officer from 2014 to 2019. He held various financial leadership roles at the company, including treasurer and controller, as well as the finance head of the company’s North American and international divisions.
DiSilvestro will join the company as an executive adviser on Monday and will assume the CFO role following the company’s second-quarter financial report, which it expects to file on July 30.