EL SEGUNDO, Calif., Oct 22 –Mattel, Inc. (NASDAQ: MAT) (“Mattel” or the “Company”) today announced that it has entered into a cooperation agreement with EdgePoint Investment Group Inc. (“EdgePoint”), an approximately 18% stockholder of the Company. In conjunction with the cooperation agreement, the Company has appointed Lee Matheson, a Partner at EdgePoint, to the Company’s Board of Directors.
Roger Lynch, Chairman and CEO of Mattel, said: “We welcome Lee to Mattel’s Board. Beyond his deep investor and public markets experience, his perspective as a Partner of Mattel’s longstanding and largest shareholder adds a new dimension to our board as we advance our brand-centric strategy and capitalize on the potential of our business.”
Professor Noreena Hertz, Chair of Mattel’s Governance and Social Responsibility Committee, said: “Lee brings to Mattel significant public company board experience, as well as an extensive background in investment management and financing. His strengths will complement our board’s existing capabilities as we continue to focus on enhancing value for shareholders.”
Matheson said: “EdgePoint has been a Mattel investor and supporter for many years. The firm has long believed in the value of the Company’s world-class brands and its premier intellectual property. I look forward to working alongside Roger and the entire board in pursuit of the shared goal of unlocking Mattel’s intrinsic value for the benefit of all shareholders.”