- Former Campbell Soup Company CFO brings nearly four decades
of financial experience to Mattel
- DiSilvestro to assume role of Chief Financial Officer
following the filing of the Company’s second quarter Form
10-Q
Mattel, Inc. (NASDAQ: MAT) today announced that Anthony P.
DiSilvestro will join the Company as Executive Advisor on June 29,
2020, and will assume the role of Chief Financial Officer on the
date following the filing of the Company’s Quarterly Report on Form
10-Q for the second quarter 2020, which is anticipated to be filed
July 30, 2020. DiSilvestro will report to Ynon Kreiz, Mattel’s
Chairman and Chief Executive Officer. DiSilvestro will succeed
Joseph J. Euteneuer, who will leave the Company as part of the
Company’s previously announced transition plan.
DiSilvestro joins Mattel with nearly four decades of financial
and leadership experience, most recently serving as Senior Vice
President and Chief Financial Officer of Campbell Soup Company, a
role he held from 2014 to 2019. In this position, he helped drive a
return to growth and oversaw a successful transformation of the
company’s cost structure. He served in various other financial
leadership roles at Campbell Soup Company since 1996, including
Senior Vice President – Finance, Treasurer, Controller, Chief
Financial Officer of the company’s North America and International
divisions, and Head of Strategic Planning and Corporate
Development.
“Anthony is a world-class executive with a proven track record
of driving transformation and operational performance across a
global consumer-facing organization,” said Kreiz. “His leadership
and financial expertise will benefit Mattel as we continue to
position the Company for growth. I look forward to working with
Anthony to transform Mattel into an IP-driven, high-performing toy
company and create long-term shareholder value."
“Mattel is an outstanding company with a strong portfolio of
beloved brands, and I am excited to join the organization at this
important time in its ongoing transformation,” said DiSilvestro. “I
look forward to working closely with Ynon, the leadership team and
finance organization at Mattel to drive growth and ensure its
continued success.”
Kreiz added, “I sincerely thank Joe for his important
contributions to Mattel over the past three years as a member of
our leadership team and for his commitment to facilitating a smooth
transition of the CFO role. Joe played a key role in the
significant progress we made in reshaping our operations, restoring
profitability and positioning the company for growth. I am grateful
for his partnership.”
About Mattel
Mattel is a leading global toy company and owner of one of the
strongest catalogs of children’s and family entertainment
franchises in the world. We create innovative products and
experiences that inspire, entertain and develop children through
play. We engage consumers through our portfolio of iconic brands,
including Barbie, Hot Wheels, Fisher-Price, American Girl, Thomas
& Friends, UNO, and MEGA, as well as other popular intellectual
properties that we own or license in partnership with global
entertainment companies. Our offerings include film and television
content, gaming, music and live events. We operate in 35 locations
and our products are available in more than 150 countries in
collaboration with the world’s leading retail and ecommerce
companies. Since its founding in 1945, Mattel is proud to be a
trusted partner in empowering children to explore the wonder of
childhood and reach their full potential.
Forward-Looking Statements
This press release contains a number of forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The use of words such as “anticipates,”
“expects,” “intends,” “plans,” “confident that” and “believes,”
among others, generally identify forward-looking statements. These
forward-looking statements are based on currently available
operating, financial, economic and other information and
assumptions, and are subject to a number of significant risks and
uncertainties. A variety of factors, many of which are beyond our
control, could cause actual future results to differ materially
from those projected in the forward-looking statements, and are
currently, or in the future could be, amplified by the COVID-19
pandemic. Specific factors that might cause such a difference
include, but are not limited to: (i) potential impacts on the
COVID-19 pandemic on Mattel’s business operations, financial
results, and financial position and on the global economy,
including its impact on Mattel’s sales; (ii) Mattel’s ability to
design, develop, produce, manufacture, source and ship products on
a timely and cost-effective basis, as well as interest in and
purchase of those products by retail customers and consumers in
quantities and at prices that will be sufficient to profitably
recover Mattel’s costs; (iii) downturns in economic conditions
affecting Mattel’s markets which can negatively impact retail
customers and consumers, and which can result in lower employment
levels, lower consumer disposable income and spending, including
lower spending on purchases of Mattel’s products; (iv) other
factors which can lower discretionary consumer spending, such as
higher costs for fuel and food, drops in the value of homes or
other consumer assets, and high levels of consumer debt; (v)
potential difficulties or delays Mattel may experience in
implementing cost savings and efficiency enhancing initiatives;
(vi) other economic and public health conditions or regulatory
changes in the markets in which Mattel and its customers and
suppliers operate, which could create delays or increase Mattel’s
costs, such as higher commodity prices, labor costs or
transportation costs, or outbreaks of disease; (vii) currency
fluctuations, including movements in foreign exchange rates, which
can lower Mattel’s net revenues and earnings, and significantly
impact Mattel’s costs; (viii) the concentration of Mattel’s
customers, potentially increasing the negative impact to Mattel of
difficulties experienced by any of Mattel’s customers, including
the bankruptcy and liquidation of Toys “R” Us, Inc., or changes in
their purchasing or selling patterns; (ix) the future willingness
of licensors of entertainment properties for which Mattel currently
has licenses or would seek to have licenses in the future to
license those products to Mattel; (x) the inventory policies of
Mattel’s retail customers, including retailers’ potential decisions
to lower their inventories, even if it results in lost sales, as
well as the concentration of Mattel’s revenues in the second half
of the year, which coupled with reliance by retailers on quick
response inventory management techniques increases the risk of
underproduction of popular items, overproduction of less popular
items and failure to achieve compressed shipping schedules; (xi)
the increased costs of developing more sophisticated digital and
smart technology products, and the corresponding supply chain and
design challenges associated with such products; (xii) work
disruptions, which may impact Mattel’s ability to manufacture or
deliver product in a timely and cost-effective manner; (xiii) the
bankruptcy and liquidation of Toys “R” Us, Inc. or other of
Mattel’s significant retailers, or the general lack of success of
one of Mattel’s significant retailers which could negatively impact
Mattel’s revenues or bad debt exposure; (xiv) the impact of
competition on revenues, margins and other aspects of Mattel’s
business, including the ability to offer products which consumers
choose to buy instead of competitive products, the ability to
secure, maintain and renew popular licenses and the ability to
attract and retain talented employees; (xv) the risk of product
recalls or product liability suits and costs associated with
product safety regulations; (xvi) changes in laws or regulations in
the United States and/or in other major markets, such as China, in
which Mattel operates, including, without limitation, with respect
to taxes, tariffs, trade policies or product safety, which may
increase Mattel’s product costs and other costs of doing business,
and reduce Mattel’s earnings; (xvii) failure to realize the planned
benefits from any investments or acquisitions made by Mattel;
(xviii) the impact of other market conditions, third party actions
or approvals and competition which could reduce demand for Mattel’s
products or delay or increase the cost of implementation of
Mattel’s programs or alter Mattel’s actions and reduce actual
results; (xix) changes in financing markets or the inability of
Mattel to obtain financing on attractive terms; (xx) the impact of
litigation, arbitration, or regulatory decisions or settlement
actions; (xxi) uncertainty from the expected discontinuance of
LIBOR and transition to any other interest rate benchmark; and
(xxii) other risks and uncertainties as may be described in
Mattel’s periodic filings with the Securities and Exchange
Commission, including the “Risk Factors” section of Mattel’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2019 and
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020,
as well as in Mattel’s other public statements. Mattel does not
update forward-looking statements and expressly disclaims any
obligation to do so except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200623005847/en/
News Media Dena Cook dena.cook@mattel.com 310-252-4247
Securities Analysts David Zbojniewicz
david.zbojniewicz@mattel.com 310-252-2703
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