(Reuters) -Barbie parent Mattel (NASDAQ:MAT) said on Thursday Chief Financial Officer Anthony DiSilvestro will retire on May 15.
DiSilvestro, who joined Mattel in August 2020, will serve as an advisor through August 15 to ensure a smooth transition, according to the company.
During DiSilvestro's tenure, the company optimized its operations and improved efficiencies that resulted in over $400 million of cost savings.
The move comes at a time when the Hot Wheels maker has benefited from disciplined cost management against the backdrop of muted demand for toys over the last year.
In October, Mattel topped Wall Street estimates for quarterly profit on cost-saving measures but lowered its annual sales forecast for the crucial holiday shopping season.
Mattel has initiated a comprehensive search process for a successor, it said.