Mattel Taps Former Sprint CFO in Executive Revamp--Update
By Ezequiel Minaya and Tatyana Shumsky
Troubled toy maker Mattel Inc. announced an overhaul of its top ranks Tuesday with a roster of industry outsiders -- including a new financial chief.
The moves come as recently named chief executive Margo Georgiadis attempts to turnaround a company that has stumbled to keep pace in the digital arena.
Mattel said Joseph Euteneuer, former CFO at Sprint Corp., has taken over for long-serving financial head Kevin Farr, who spent about 17 years in the role.
"He has been instrumental in leading companies in a variety of industries through times of transformation and turnaround, which will be invaluable for Mattel," said Ms. Georgiadis in a statement. Ms. Georgiadis, a former executive for Alphabet Inc.'s Google, has been with Mattel since February.
Mr. Euteneuer served as Sprint's CFO for a little more than four years, leaving the role in August 2015. He became co-CEO and CFO for the Americas of Rivada Networks, a Virginia-based spectrum trading company last spring. A company spokesman said Mr. Euteneuer will remain on Rivada's board.
Mr. Euteneuer also held CFO roles at two companies before their mergers, Qwest Communications before its tie-up with CenturyLink Inc., and XM Satellite Radio before its merger with Sirius.
He might have a steep learning curve at Mattel. All of Mr. Euteneuer's noteworthy experience comes from the telecom industry, which is a different business model to a consumer product company like Mattel, said Linda Bolton Weiser, senior analyst at D.A. Davidson & Co.
"We know that Mattel is increasingly involved with digitally communicating with the consumer, but I would still say there's a big difference between the business of Sprint and the business of Mattel," Ms. Bolton Weiser said.