Mattel, Inc. (NASDAQ: MAT) announced today that Professor
Noreena Hertz, global economist and author, has been appointed to
the Company’s Board of Directors effective March 29, 2023, and will
serve on its Governance and Social Responsibility Committee.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Noreena is a
highly influential economist and a global thought leader on ESG. We
look forward to the benefit of her expert insights and perspectives
as we continue to execute our strategy to grow Mattel’s IP-driven
toy business and expand our entertainment offering, operate as a
responsible corporate citizen, and create long-term shareholder
value.”
Professor Hertz added: “Mattel is a company rooted in mission
and purpose, with a leading portfolio of iconic brands, and a clear
strategic vision for its future. I look forward to working with
Ynon and the rest of the Board to guide Mattel on its continued
journey and its aim to contribute to a more diverse, equitable,
inclusive, and sustainable future.”
Professor Hertz’s work intersects the nexus of economics,
technology, politics, and society. She brings to Mattel’s Board 25
years of experience advising companies and governments in a variety
of sectors and geographies on strategy and policy decisions,
mergers and acquisitions, intelligence gathering and analysis,
millennials and post-millennials, community-building, and ESG.
Professor Hertz has held several senior academic positions and
led research focused on artificial intelligence, decision-making,
risk assessment and management, globalization, and innovation,
among other subjects. She is based at University College London’s
Institute for Global Prosperity, where she has served as Visiting
Professor since 2016 and as Honorary Professor since 2013. She was
previously Professor of Globalization, Sustainability, and Finance
at the University of Amsterdam between 2009 and 2013 and spent the
prior ten years as Associate Director of the Centre for
International Business and Management at the University of
Cambridge.
Professor Hertz is a board member of Warner Music Group Corp.,
where she serves on the Audit Committee and Nominating and
Governance Committee. Professor Hertz is also a board member of
Workhuman (Globoforce Limited), where she serves on the Audit
Committee and Compensation Committee. Professor Hertz has
previously served in several board and advisory roles for other
organizations, including RWE AG, the Inclusive Capitalism
Taskforce, Edelman Europe, Inspiring Girls International, and
Citigroup’s Politics and Economics Global Advisory Board.
Professor Hertz is the author of best-selling books on
globalization, ESG, strategic decision-making and macro-societal
trends published in over 20 countries, including The Lonely
Century: A Call to Reconnect; Eyes Wide Open: How to Make Smart
Decisions in a Confusing World; I.O.U: The Debt Threat and Why We
Must Defuse it; and The Silent Takeover.
Professor Hertz has a PhD from the University of Cambridge and
an MBA from the Wharton School of the University of
Pennsylvania.
About Mattel
Mattel is a leading global toy company and owner of one of the
strongest portfolios 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®, Masters of the Universe®, Monster
High® 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 and digital experiences, 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. Visit us online at
mattel.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains a number of forward-looking
statements, which are statements that relate to the future and are,
by their nature, uncertain. Forward-looking statements can be
identified by the fact that they do not relate strictly to
historical or current facts. The use of words such as
“anticipates,” “expects,” “intends,” “plans,” “projects,” “looks
forward,” “confident that,” “believes,” and “targeted,” 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
Mattel’s control, could cause actual future results to differ
materially from those projected in the forward-looking statements.
Specific factors that might cause such a difference include, but
are not limited to: (i) Mattel's ability to design, develop,
produce, manufacture, source, ship, and distribute products on a
timely and cost-effective basis; (ii) sufficient interest in and
demand for the products and entertainment Mattel offers by retail
customers and consumers 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 and 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) the effect of
inflation on Mattel's business, including cost inflation in supply
chain inputs and increased labor costs, as well as pricing actions
taken in an effort to mitigate the effects of inflation; (viii)
currency fluctuations, including movements in foreign exchange
rates, which can lower Mattel's net revenues and earnings, and
significantly impact Mattel's costs; (ix) the concentration of
Mattel's customers, potentially increasing the negative impact to
Mattel of difficulties experienced by any of Mattel's customers,
such as bankruptcies or liquidations or a general lack of success,
or changes in their purchasing or selling patterns; (x) the
inventory policies of Mattel's retail customers, 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, overproduction, and shipping delays; (xi) legal,
reputational, and financial risks related to security breaches or
cyberattacks; (xii) work disruptions, including as a result of
supply chain disruption such as plant or port closures, which may
impact Mattel's ability to manufacture or deliver product in a
timely and cost-effective manner; (xiii) the impact of competition
on revenues, margins, and other aspects of Mattel's business,
including the ability to offer products that consumers choose to
buy instead of competitive products, the ability to secure,
maintain, and renew popular licenses from licensors of
entertainment properties, and the ability to attract and retain
talented employees and adapt to evolving workplace models; (xiv)
the risk of product recalls or product liability suits and costs
associated with product safety regulations; (xv) 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 and
liquidity; (xvi) business disruptions or other unforeseen impacts
due to economic instability, political instability, civil unrest,
armed hostilities (including the impact of the war in Ukraine),
natural and man-made disasters, pandemics or other public health
crises, such as the COVID-19 pandemic, or other catastrophic
events; (xvii) failure to realize the planned benefits from any
investments or acquisitions made by Mattel; (xviii) the impact of
other market conditions or third party actions or approvals,
including those that result in any significant failure, inadequacy,
or interruption from vendors or outsourcers, which could reduce
demand for Mattel's products, 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) Mattel's ability to navigate regulatory
frameworks in connection with new areas of investment, product
development, or other business activities, such as non-fungible
tokens and cryptocurrency; 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, 2022, 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.
MAT-FIN MAT-CORP
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version on businesswire.com: https://www.businesswire.com/news/home/20230329005077/en/
Catherine Frymark catherine.frymark@mattel.com
Mattel (NASDAQ:MAT)
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