Mattel CFO retires, co names new Interactive chief
January 3, 2000 03:45 PM
LOS ANGELES, Jan 3 (Reuters) - Toy giant Mattel Inc. MAT Monday named a former Sega executive to head up its Interactive division, which includes its troubled educational software group, and announced that Mattel's Chief Financial Officer Harry Pearce will retire in March.
Mattel said it named Bernard Stolar, former president and chief operating officer of video maker Sega Enterprises Ltd.'s Sega of America Inc. president of the company's Mattel Interactive division, which includes the troubled Learning Co. software unit.
Mattel has suffered from unexpected losses at The Learning Co., which it bought last year for $3.5 billion. The Learning Co.'s chairman and its president left the company in November following a disastrous third quarter.
Stolar, 53, served as president and chief operating officer of Sega of America Inc. from July 1996 to August 1999.
Mattel said it started a search to recruit Pearce's successor. Pearce, 55, was a 24-year employee of Tyco Toys before that company's 1997 merger with Mattel.
((Los Angeles bureau, 213 380-2014)) REUTERS
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