Mattel Inc. (NASDAQ:MAT) has recently announced that Mattel CEO Margo Georgiadis will be leaving the company after only a year in the position.

Georgiadis, who was appointed CEO in February 2017, will be stepping down from the position in order to “pursue a new opportunity in the technology sector.”

Georgiadis will now be the CEO of the family-history tracing company and website Ancestry.com. She will officially be joining the company on May 10, as she will still serve in an advisory role at Mattel until then.

The now-former Mattel CEO is “thrilled to join Ancestry at a dynamic period of accelerated growth and innovation” and is “excited to help realize Ancestry’s mission to connect the world and enhance our consumers’ understanding of who they are and where they come from.”

According to Mattel, Georgiadis’ stay as an advisor will ensure a smooth transition for the new CEO of the company, Ynon Kreiz.

Kreiz has been a member of the company’s Board of Directors since June 2017 and, as of April 26, will take over the position of CEO from Georgiadis.

The toy-making company has not been doing very well in regards to financial results and also announced the closing of their New York office.

>>>Mattel Inc. to Close New York Office As Sales Drop

According to Mattel’s Executive Chairman, Christopher A. Sinclair, Kreiz “has tremendous expertise across areas critical to [the company’s] strategy, including digital, media and entertainment, and [Mattel has] already benefited from that experience and his compelling vision for the company since he became a director.”

He also thanks Georgiadis for her service, on behalf of the company, and wished her the best in her future endeavors.

Shares of Mattel have gone down nearly 4.00% since the market opened on Friday and have already reached a low of USD $12.20.

Featured Image: Facebook