Dive Temporary:
- Ken Wee has been named govt vp and chief technique officer for Mattel, per a information launch. Wee reviews on to Mattel chairman and CEO Ynon Kreiz.
- Wee succeeds Christopher Farrell, who stepped into the position in February and has since exited the corporate, based on an organization spokesperson. At Mattel, Wee is answerable for all points of strategic planning and company growth, together with figuring out alternatives to speed up development and profitability.
- Wee beforehand served because the chief technique officer at online game writer Activision Blizzard and earlier than that labored at consulting agency McKinsey & Firm, main its Interactive Leisure Follow.
Dive Perception:
Mattel is ushering in one other chief to drive its technique.
“We welcome Ken to our management crew at an thrilling level within the execution of our technique to develop Mattel’s IP-driven toy enterprise and broaden our leisure providing,” Kreiz stated. “Ken brings in depth expertise in strategic planning, M&A, and company growth gained within the gaming, expertise and media sectors, which bodes properly as we additional our purpose to unlock the total worth of our IP outdoors the toy aisle and create long-term shareholder worth.”
Ken Wee, chief technique officer at Mattel
Courtesy of Mattel
At Activision Blizzard, Wee helped establish M&A alternatives and was a part of the crew when Microsoft acquired the model for $69 billion in 2022.
Wee’s appointment comes at a time when the toy business, together with Mattel, continues to face challenges. The corporate in July reported Q2 internet gross sales declined 0.7% 12 months over 12 months to $1.1 billion. On its name with buyers, Kreiz acknowledged that Mattel expects the toy business to “decline modestly.” Mattel earlier this 12 months initiated a plan to reduce prices by $200 million by 2026.
Mattel has reportedly been the recipient of a rumored takeover bid by non-public fairness agency L Catterton, per a Reuters report in July. In its July earnings name, the corporate dodged questions concerning the report, solely to inform buyers that “we’re very assured in Mattel’s technique and our capability to create long-term shareholder worth as a stand-alone firm.”
