Mattel CEO Ynon Kreiz Steps Down, Stock Plunges to 6-Year Low
MAT is trading near its 52-week low of $12.435 (1.8% above the low).
Summary
Mattel announced CEO Ynon Kreiz will step down effective Oct 2, with board member Roger Lynch taking over as Chairman immediately and CEO by Nov 2. The news sent shares down 4.7% to $12.60, the lowest close since October 2020. Kreiz led the company's push into entertainment, but the stock fell 8.8% during his tenure. UBS analyst Arpine Kocharyan said the change adds uncertainty to already skittish investor sentiment. Lynch, a media executive from Condé Nast and Pandora, is seen as an industry outsider but positioned to continue the entertainment strategy. This follows a challenging Q2 with a net loss and mixed guidance, and the stock is trading near its 52-week low.
At the time of this announcement, MAT was trading at $12.66 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $12.44 to $22.48. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.