Toymaker Mattel has recently made changes to its board in response to pressure from activist investor Barington Capital. The company announced that former Federal Communication Commission chairman, Julius Genachowski, and former chief content and advertising business officer at Spotify, Dawn Ostroff, have joined as independent directors.
Genachowski, who previously served as FCC chairman from 2009 to 2013, is currently a managing director in Carlyle Group’s telecommunications, media, and technology group. Ostroff, on the other hand, brings her expertise from her previous roles as founder of Conde Nast Entertainment and president of entertainment for the CW broadcast network and United Paramount Network.
As part of these changes, board members Ann Lewnes and Todd Bradley have stepped down. Despite these adjustments, the board remains composed of 11 members, with 10 of them being independent.
Mattel’s decision to alter its board comes in response to Barington Capital’s call for action on underperforming aspects of the business. Barington has reportedly built a stake in Mattel and is urging the company to explore strategic alternatives for its Fisher-Price and American Girl businesses.