Mattel has entered into a cooperation agreement with EdgePoint Investment Group, its largest shareholder, which holds an approximately 18% stake in the company. Under the agreement, EdgePoint partner Lee Matheson has joined Mattel’s board of directors, effective immediately.
The appointment is intended to bring a new perspective to the board as Mattel advances its brand-centric strategy. The agreement includes customary standstill, voting and confidentiality provisions.
Matheson has experience in investment management, capital markets and public company board service. His appointment comes as Mattel faces a challenging market with uneven sales and seeks to unlock shareholder value.