November 22, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

CEO of Mattel Announces Plans to Streamline Company Operations

Four months after taking over the El Segundo-based toymaker, the CEO of Mattel announced plans Wednesday to streamline the company’s operations to get toys developed and on the market faster, while doing more to capitalize on digital products.

“Our vision is to inspire the wonder of childhood as the global leader in learning and development through play,” . As we shift our business aggressively in a new strategic direction and transform how we operate, I believe we have the assets to achieve this vision and shape the future of the toy industry, said Margo Georgiadis, CEO of Mattel. “The strength of the underlying Mattel franchise supported by important trends such as a growing global toy market and an increasingly digital, mobile-first world provides an opportunity for Mattel to create significant long-term value for our investors.”

Georgiadis outlined a strategy for the company, building on its core products — American Girl, Barbie, Fisher-Price, Hot Wheels and Thomas & Friends — while reshaping the company’s operation and reallocating resources, with a primary goal of improving “speed to market.” That streamlining process is expected to reduce the time it takes to develop new products from the current 18 months to between six and nine months.

It also hopes to leverage the core products into “connected 360-degree play systems and experiences,” with both physical products and digital offerings.

According to the company, Mattel also plans to invest in emerging markets, such as localizing its products in markets such as China.

“Mattel predicts that its China business can be three to four times bigger by 2020 if well-executed,” according to the company. “In addition, the company has plans to take a similar approach to expand more rapidly in other priority emerging markets, including India and Indonesia.”

Mattel plans to dividend payouts to free up $150 million to $200 million to bankroll the re-engineering of Mattel.

Georgiadis took over as Mattel CEO in February, following stints as chief operations officer at Groupon and then as president, Americas, at Google Inc.

Related Posts

Video Shows Officer-Involved Shooting Outside SMPD Station

November 22, 2024

November 22, 2024

Officials Have Issued a Viewer Advisory, Cautioning That the Material May Be Distressing The Santa Monica Police Department has released...

Donate Blood and Save Lives at Culver City Fire Station This Weekend

November 22, 2024

November 22, 2024

Get a T-Shirt, Gift Card for Participating in the Cedars-Sinai Blood Drive The Culver City Rotary Club, in collaboration with...

LAPD Motorcycle Officer Hospitalized After 405 Freeway Crash in Sepulveda Pass

November 21, 2024

November 21, 2024

Collision Near Skirball Center DrivePossibly Involving a Tesla Caused Major Traffic  The 405 Freeway was the scene of a motorcycle...

Santa Monica Police Release Body Cam Footage of Deadly Force Incident Outside Headquarters

November 21, 2024

November 21, 2024

Graphic Video Shows a Violent Assault on an SMPD Officer by a Knife-Wielding Suspect The Santa Monica Police Department (SMPD)...

Breakaway Café Opens New Venice Location with Beachside Grab-and-Go Window

November 20, 2024

November 20, 2024

Bayse Brothers Bring Their Signature Breakfast Dishes and Good Vibes to Venice Breakaway Café, a popular breakfast and lunch eatery...

Last Minute Additions to the Best Thanksgiving 2024 Feasts and Pies To Go

November 20, 2024

November 20, 2024

If Other Faves are Sold Out, Here’s All The Quality Places to Try Now Celebrity chefs Susan Feniger and Mary...

Everytable’s Holiday Meal Collaboration To Support LA’s Unhoused Youth

November 20, 2024

November 20, 2024

Chef Created Thanksgiving Meal Benefits My Friend’s Place. Everytable, the mission-driven company committed to making scratch-cooked, nutritious meals accessible to...

Los Angeles City Council Codifies Sanctuary Protections for Migrants with New Citywide Ordinance

November 19, 2024

November 19, 2024

Mayor Bass Prioritized the Ordinance after Trump’s Mass Deportation Threats The Los Angeles City Council voted unanimously Tuesday to officially...

The Palms Community Council’s Executive Committee Schedules Special Meeting for Nov. 20

November 19, 2024

November 19, 2024

Meeting to Address Open Board Positions and Committee Updates The Executive Committee will hold a special meeting on Wednesday, Nov....

Hammer Museum Presents 10th Edition of MoMA Contenders: Screenings, Conversations with Top Filmmakers

November 19, 2024

November 19, 2024

Lineup Features Films by Steve McQueen, Sean Baker, and Brady Corbett The Hammer Museum will host the 10th edition of...

Film Review: Wicked

November 19, 2024

November 19, 2024

By Dolores Quintana Director John Chu (Crazy Rich Asians, In The Heights) has crafted an effervescent take on the blockbuster...

Randy’s Donuts Arrives in Culver City with Free Donuts and a $250 Gift Card Giveaway

November 19, 2024

November 19, 2024

Grand Opening on November 19 Includes Sweet Giveaways Starting at 6:00 a.m. The time is finally here. Randy’s Donuts is...

Nicole Nagel’s Futuristic Eric Moss Designed Brentwood Home To Hit Auction Block

November 18, 2024

November 18, 2024

The Spaceship-Like Property Heads to Auction With No Reserve in December German actress Nicole Nagel, who was part of the...

LA Controller Kenneth Meija: City Left $513 Million of Homelessness Budget Unspent

November 18, 2024

November 18, 2024

Inefficiencies Blamed for Underspending Despite Record Allocation in FY2024  The City of Los Angeles hasn’t spent over half of its...

West LA College Expands Zero-Cost Textbook Programs with $600K Grant

November 18, 2024

November 18, 2024

College Aims for 50 Zero-Cost Textbook Programs by 2025  West Los Angeles College (West) is expanding its zero-cost textbook program...