(Reuters) - Mattel Inc (MAT.O), the world’s largest toymaker, said on Monday Kevin Farr will step down after a 17-year stint as its chief financial officer.
Farr’s departure comes amid efforts by Mattel Chief Executive Margo Georgiadis, who joined the struggling Barbie maker earlier this year from Google, to revive the business following several quarters of declining sales.
Just last month, Mattel slashed its dividend payout by 60 percent to fund its turnaround strategy, which includes a sharper focus on online sales, offering a bigger slate of interactive toys and expansion in big emerging markets such as China.
The strategy has also included shaking up the toymaker’s senior management, according to the Wall Street Journal, which reported that Georgiadis had in recent months dismissed Mattel’s human resources head as well as its chief information officer.
Mattel has engaged a search firm and begun an external search to find a replacement for Farr, the El Segundo, California-based toymaker said in a filing with regulators. bit.ly/2tyYuaX
Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar