Toymaker Mattel has announced that Joseph Euteneuer has been appointed its new Chief Financial Officer (CFO).
The experienced Euteneuer has swapped the world of telecoms for toys and games to replace Kevin Farr, who left Mattel on 29 September after 17 years as CFO. Farr’s exit was announced in July, but he stayed on until Mattel searched for a replacement.
Euteneuer, who started work on 25 September, will work closely with new CEO Margo Georgiadis, who joined the struggling company earlier this year from Google. He has been tasked with reviving the California-based maker of Barbie dolls following several quarters of declining sales. The toymaker posted a second-quarter net loss of $56.1 million, compared with a loss of $19.1 million during the same period last year.
The new recruit brings with him more than four decades of financial leadership experience in the technology, telecom and cable industries. Prior to joining Mattel, Euteneuer was co-CEO and CFO for the Americas of Rivada Networks, a spectrum trading company he joined in spring 2016, where he will remain on the board.
That followed a four-year stint as CFO at Sprint Corporation, where he managed a large-scale finance organisation and helped drive widespread organisational transformation for the Fortune 500 company. He has also held CFO positions at Qwest Communications, XM Satellite Radio and Comcast Corporation.
In a statement, Mattel said that Euteneuer will work closely with the company’s senior management team and board of directors to provide financial and administrative leadership to support Mattel’s transformation strategy focused on delivering enhanced and sustainable growth.
“Joe brings a strong track record of helping companies implement new strategies to improve long-term growth and profitability and we are thrilled to welcome him to our team,” said Georgiadis.
“He has been instrumental in leading companies in a variety of industries through times of transformation and turnaround, which will be invaluable for Mattel as we execute our new growth strategy and create enhanced shareholder value. I am confident that Joe will make a significant impact as we reshape our operations to become leaner, faster and smarter. He is a great addition to our management team and I look forward to working closely with him.”
Commenting on his appointment, Euteneuer said: “It’s truly a great opportunity to join Mattel as it executes its new growth strategy to build upon its leadership position and shape the future of the toy industry.
“Mattel is an iconic brand and household name for learning and development through play. I look forward to working with the team to future-proof the company and accelerate change.”
Euteneuer is just one of a number of senior management changes at the toymaker. A new chief technology officer, chief people officer and chief communication officer have all joined in recent weeks.