NEW YORK - Mattel (MAT) said its CEO Margo Georgiadis is stepping down to pursue a new opportunity in the tech sector.
The toy giant, based in El Segundo, California, said the board has named Ynon Kreiz, a Mattel director since June 2017 as her successor, effective April 26.
Mattel said Georgiadis will serve in an advisory role through May 10 to ensure a smooth transition.
The departure, announced Thursday, comes after the former Google (GOOG) executive, who took the top spot in February 2017, hasn't been able to turn around the company's business.
Mattel, whose world-famous products also include American Girl dolls and Fisher-Price, has suffered from weak sales in recent years, growing losses and a range of cost cuts, including a suspension of its dividend.
In January, the company launched a new American Girl named Luciana Vega. Described as being of Chilean descent, she's meant to help girls defy gender stereotypes and embrace risks in pursuit of their goals. Said Mattel at the time: Luciana is a "creative, confident 11-year-old girl and aspiring astronaut who dreams of being the first person to go to Mars."
It looks like Mattel will need a lot more Lucianas to get back to health.
Kreiz was named a nonexecutive chairman of the board in February. He brings more than two decades of experience in the media and entertainment industries.
Mattel's shares rose nearly 4 percent in afterhours trading.