An agreement with an investor that manages a sizable Mattel stake brought partner Lee Matheson onto the toy maker’s board, as another investment firm urges directors to consider a sale.
A cooperation agreement brought EdgePoint Investment Group Inc. partner Lee Matheson onto Mattel’s board on Oct. 21. EdgePoint manages an approximately 18% stake in the toy maker.
In a letter dated May 7, Southeastern Asset Management Inc. said it managed a client position representing more than 4% of Mattel common stock and urged directors to weigh a sale. It named three possible sale options: private equity, a buyer in the toy business or a media company. Mattel said the board would weigh Southeastern’s position while the company maintained its focus on toys and family entertainment.
The board appointment came a day after Mattel named former Amgen CFO Peter Griffith as finance chief and a director, a change covered in Mattel’s Oct. 20 appointment of Peter Griffith as finance chief and a director.
