Mattel, maker of the popular Barbie and Hot Wheels brands, will consolidate its toy line and licensed products with Fisher-Price under a new division.
The toymaker announced this week it would lump the two brands into one division called “Brands.” Mattel will consolidate its management and support functions to accommodate the new division, according to the company.
Neil Friedman, who served as president of the Fisher-Price Brands unit, will lead the Brands division. Matthew Bousquette, the former president of Mattel Brands, left the company after 17 years to pursue other business opportunities.
“The combination of Mattel Brands and Fisher-Price Brands into one global division is a logical extension of our ‘one Mattel’ approach to doing business, by better leveraging and capitalizing on the scale of the world’s largest toy company and fostering best practice adoption within the organization,” said Robert A. Eckert, chairman and CEO Mattel, Inc. in a statement.
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