Margaret Georgiadis, a former Google executive who joined the toy company in February 2017, has been unable to revive sales of the Barbie and Hot Wheels maker, despite overhauling the company’s management team, suspending its dividend and developing plans to cut $650 million in costs.
The details of her departure are unclear. Mattel did not immediately respond to CNBC’s request for comment.
Shares of the company fell more than 2 percent during trading on Thursday. In the last 12 months, shares have slipped more than 45 percent.
Mattel has had a tough year, with weak sales of its iconic brands like American Girl Doll and Fisher-Price. Toys R Us’ bankruptcy and liquidation also has been a drag on its earnings.
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