July 13, 2017 / 3:05 PM / in a month

Mattel seeks to replace veteran finance chief Kevin Farr: WSJ

The Mattel company logo is seen at the 114th North American International Toy Fair in New York City, U.S., February 21, 2017.Stephanie Keith

(Reuters) - Toymaker Mattel Inc (MAT.O) is looking to replace its chief financial officer, Kevin Farr, the Wall Street Journal reported on Thursday.

The move to replace Farr, who has served as Mattel's finance chief since 2000, comes amid efforts by Chief Executive Margo Georgiadis to shake up the toymaker's senior management, the Journal reported.

Mattel has retained a search firm to assist with finding a new chief financial officer, the Journal reported, citing people familiar with the matter.

Georgiadis, who joined the struggling Barbie maker earlier this year from Google, has focused on management missteps, including dismissing Mattel's human resources head in May and more recently its chief information officer, the report said.

El Segundo, California-based Mattel, the world's No.1 toymaker, has struggled with falling sales in recent quarters since losing its lucrative Disney Princesses contract to rival Hasbro Inc (HAS.O) in 2014.

Georgiadis said last month Mattel would slash its dividend payout by 60 percent to fund a turnaround plan.

Mattel did not immediately respond to a Reuters request for comment.

Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar

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