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Dive Brief:
- Ken Wee has been named executive vice president and chief strategy officer for Mattel, per a news release. Wee reports directly to Mattel chairman and CEO Ynon Kreiz.
- Wee succeeds Christopher Farrell, who stepped into the role in February and has since exited the company, according to a company spokesperson. At Mattel, Wee is responsible for all aspects of strategic planning and corporate development, including identifying opportunities to accelerate growth and profitability.
- Wee previously served as the chief strategy officer at video game publisher Activision Blizzard and before that worked at consulting firm McKinsey & Company, leading its Interactive Entertainment Practice.
Dive Insight:
Mattel is ushering in another leader to drive its strategy.
“We welcome Ken to our leadership team at an exciting point in the execution of our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering,” Kreiz said. “Ken brings extensive experience in strategic planning, M&A, and corporate development gained in the gaming, technology and media sectors, which bodes well as we further our aim to unlock the full value of our IP outside the toy aisle and create long-term shareholder value.”
Ken Wee, chief strategy officer at Mattel
Courtesy of Mattel
At Activision Blizzard, Wee helped identify M&A opportunities and was part of the team when Microsoft acquired the brand for $69 billion in 2022.
Wee’s appointment comes at a time when the toy industry, including Mattel, continues to face challenges. The company in July reported Q2 net sales declined 0.7% year over year to $1.1 billion. On its call with investors, Kreiz acknowledged that Mattel expects the toy industry to “decline modestly.” Mattel earlier this year initiated a plan to cut costs by $200 million by 2026.
Mattel has reportedly been the recipient of a rumored takeover bid by private equity firm L Catterton, per a Reuters report in July. In its July earnings call, the company dodged questions about the report, only to tell investors that “we are very confident in Mattel's strategy and our ability to create long-term shareholder value as a stand-alone company.”
via https://www.aiupnow.com
Howard Ruben, Khareem Sudlow
