By Connor Hart
A new Ken is coming to Mattel.
The toymaker on Tuesday named Ken Wee as its chief strategy officer, as it aims to grow its IP-driven toy business and expand its entertainment offerings.
Wee previously served as chief strategy officer for video game publisher Activision Blizzard. At the company, Wee helped grow the reach, engagement and commercial success of its portfolio of franchises, culminating in its $69 billion acquisition by Microsoft.
In his new role, Wee will oversee Mattel's strategic planning and corporate development, including identifying opportunities to accelerate growth and profitability, as well as optimizing business performance.
Chief Executive Ynon Kreiz said Wee will help unlock the full value of the company's intellectual properties outside of the toy aisle.
Prior, Wee was a partner at management-consulting firm McKinsey & Company and worked at investment fund New Mountain Capital.
Mattel in July posted another drop in quarterly sales, led by a decline in Barbie sales, although profit rose due to higher margins as costs eased.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 10, 2024 13:31 ET (17:31 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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