- After around 17 years on the job
- Search for a successor
(exechange) — El Segundo, California, July 17, 2017 — Kevin Farr, finance chief of Mattel, leaves. As announced by Mattel, Inc. in a regulatory filing published on Monday, July 17, 2017, Kevin M. Farr leaves the post as Chief Financial Officer at the toy company after around 17 years on the job.
It is the end of an era.
Farr’s move comes five months after Margaret H. Georgiadis took over as CEO of Mattel, Inc.
In order to ensure a smooth transition, it is planned that Farr will continue to serve as the Company’s Chief Financial Officer until such time as a successor has been named and successfully transitioned.
Mattel will undertake a search for a successor.
No reason given
In the announcement, Mattel did not explicitly explain the reason for Farr’s move, opening the door for speculation.
Precise information about the future plans of Farr was not immediately available.
“Will separate from the Company”
Mattel said: “On July 11, 2017, Mattel … determined that Kevin M. Farr, the Company’s Chief Financial Officer, will separate from the Company.”
Share price decline
The change follows a decline in the share price of Mattel, Inc. since December 2013.
Chaired by Christopher A Sinclair
Mattel, Inc. is chaired by Christopher A Sinclair.
Sinclair has served as Chairman of the Board of Directors of Mattel and Interim Chief Executive Officer since January 25, 2015.
CEO: Margaret H. Georgiadis
Margaret H. Georgiadis serves as CEO of Mattel, Inc. Margaret H. Georgiadis has been named as Chief Executive Officer, effective February 8, 2017.
On the job as CFO since 2000
Kevin Farr has been Chief Financial Officer since February 2000.
From September 1996 to February 2000, he was Senior Vice President and Corporate Controller.
From June 1993 to September 1996, he served as Vice President, Tax.
Prior to that, he served as Senior Director, Tax, from August 1992 to June 1993.
Read the full story in the exechange report 30.2017 ($).