Dive Brief:
- Mattel has appointed Sai Koorapati as senior vice president and chief technology officer effective Monday, the toy company announced Wednesday.
- In his new role, Koorapati will report to CFO Anthony DiSilvestro. Koorapati will be in charge of the company’s tech operations, including its shared platforms, artificial intelligence, software and hardware development, cybersecurity, digital privacy and connected product designs, the company said.
- Koorapati most recently was the senior vice president of global information technology at Topgolf Callaway Brands, where he led a digital transformation initiative. He has also held leadership roles at TaylorMade Golf, Gathering Storm Group of Companies and other tech and manufacturing firms, per the press release.
Dive Insight:
Mattel has tapped Koorapati as it looks to experiment with artificial intelligence. The company this spring said it is considering AI applications across the business amid its efforts to cut costs by $200 million by 2026.
“We are looking at AI broadly in terms of integrating more capabilities into different types of analytics, as well as product development and also product integration,” CEO Ynon Kreiz said at the time.
In a statement, DiSilvestro said Koorapati “brings to our company a strong track record leading digital transformations and proven experience across enterprise applications, customer-facing systems, and cybersecurity tools. We look forward to the benefit of Sai’s expertise navigating complex technological landscapes and empowering innovation at Mattel.”
In its latest earnings, Mattel’s sales were down 0.7% year over year to $1.1 billion, with Kreiz stating that it was a good quarter for the company despite the sales decline due to increases in adjusted EBITDA and adjusted earnings. Kreiz called 2023 “a milestone year” for Mattel in part due to the success of the “Barbie” movie, which he said was a “showcase for our entertainment strategy and cultural relevance of our brands outside the toy aisle.”
Mattel remains optimistic about the remainder of this year. Kreiz said the company expects its toy business “to grow in the second half,” and the company looks “forward to a good holiday season for Mattel, with new product innovation, increased retailer support, more marketing and promotion and new content.”
The company in July didn’t respond to requests for comment regarding a Reuters report detailing a possible takeover deal by private equity firm L Catterton.
