Mattel, the toymaker behind popular Barbie and American Girl dolls, has said that its long-serving chief financial officer will be leaving the company.
Kevin Farr has been the California-based company’s chief financial officer since 2000. On Monday, Mattel said in a regulatory filing that it had decided on July 11 that Mr Farr “will separate from the company”.
He will remain in his post until a successor has been selected and the transition is complete, according to the filing. Mattel did not immediately return a request for comment. The Wall Street Journal last week reported that the company would be looking for a new person to fill Mr Farr’s role as chief executive Margo Georgiadis started to make over the senior management team.
A number of chief financial officers from well-known names in US retail have also left their jobs in recent months, including department stores Neiman Marcus, Kohl’s, Nordstrom and JC Penney, as well as accessories and apparel makers Coach and Under Armour.
Mattel has been looking to broaden its appeal in order to shore up disappointing sales, which last quarter fell 15 per cent to $735.6m, missing Wall Street forecasts and sending its shares skidding.