- Push-out Score suggests push-out forces
- After about a year in the position
- Praise, thanks and good wishes for Georgiadis
- Ynon Kreiz taking over
- Georgiadis spoke at length and said 82 words
(exechange) — El Segundo, California, April 19, 2018 — Margo Georgiadis, chief executive of Mattel, leaves. It is a change at short notice. As announced by Mattel, Inc. in a news release on Thursday, April 19, 2018, Margaret H. (Margo) Georgiadis leaves her post as Chief Executive Officer at the toy company after about a year in the position, effective April 26, 2018.
No company wants a CEO to flame out in the first years.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.7 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position within two years, and 20 percent left the position within three years.
Georgiadis’s duties will be taken over by Ynon Kreiz, a former Chief Executive Officer of Maker Studios, Inc.
Already a director
Kreiz is already a director of Mattel. Often a board member is a last resort, someone who is turned to in desperation when a company cannot find suitable candidates. On the other hand, directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Kreiz understands the expectations and dynamics of the board and has knowledge of Mattel’s organization, risk-management practices and strategy.
“To pursue a new opportunity in the technology sector”
Georgiadis’s imminent departure from the CEO post is explained as follows. Mattel said: “Margo Georgiadis, who became Mattel’s CEO in February 2017, has informed the Board of her decision to step down from her executive and Board roles to pursue a new opportunity in the technology sector.”
Georgiadis will be CEO at Ancestry
Ancestry, the global leader in family history and consumer genomics, announced that its Board of Directors has appointed Margo Georgiadis as Chief Executive Officer and member of the Board of Directors. Georgiadis will join the company on May 10, 2018.
Ancestry announced the move on Thursday, April 19, 2018.
Ancestry is a privately held online genealogy company.
On July 20, 2017, Bloomberg reported that Ancestry is generating more than $1 billion in revenue.
On September 12, 2017, Ancestry announced that it has postponed its previously announced initial public offering.
“Her decision to step down”
Mattel said: “Margo Georgiadis, who became Mattel’s CEO in February 2017, has informed the Board of her decision to step down from her executive and Board roles.”
Share price decline
The change follows a decline in the share price of Mattel, Inc. since September 2013.
Chaired by Christopher A. Sinclair
Mattel, Inc. is chaired by Christopher A. Sinclair.
Sinclair has been Executive Chairman of the Board of Mattel since February 2017. From April 2015 to February 2017, he served as Chief Executive Officer of Mattel, Inc., and from January 2015 to February 2017, he also served as Chairman of the Board of Mattel.
In the position of CEO since 2017
Mary Margaret Hastings Georgiadis has been Chief Executive Officer and Director of Mattel, Inc. since February 8, 2017.
Georgiadis has been Chief Executive Officer and a member of the Board of Mattel since February 2017.
From September 2011 to February 2017, she served as President, Americas, at Google Inc.
Georgiadis was the Chief Operating Officer of Groupon, Inc., from April 2011 to September 2011.
Before joining Groupon, she served as Vice President, Global Sales Operations, at Google from October 2009 to April 2011.
From January 2009 to September 2009, Georgiadis was a principal at Synetro Capital LLC.
Previously she served as Executive Vice President, Card Products, and Chief Marketing Officer at Discover Financial Services from 2004 to 2008, and as a partner at McKinsey & Company (London and Chicago) from 1990 to 2004.
Georgiadis will serve in an advisory role at Mattel through May 10, 2018 to ensure a smooth transition.
At the time of Georgiadis’s appointment as Chief Executive Officer at Mattel, Sinclair said: “Over the last two years, with the help of all of our colleagues around the world, we have dramatically transformed Mattel – reenergizing our creative culture, restoring excitement to our iconic brand portfolio and delivering on our vision to make Mattel the recognized leader in play, learning and development worldwide. I could not be more proud of the organization and what it has accomplished, or more excited about the Company’s future with Margo Georgiadis as our CEO. Margo is a proven and extraordinarily talented executive with a deep understanding of how to build and scale brands on a global basis and expertise in effectively engaging consumers and retail partners in a rapidly evolving digital world. She has successfully led efforts to deliver above market growth and profitability by creating transformational partnerships across content, media and technology providers and through innovation in product development and customer engagement.”
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Margo Georgiadis’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 17.2018 ($).