Michael Dolan, a long-standing figure on Mattel's board, has chosen not to seek re-election at the upcoming 2024 Annual Meeting of Stockholders. Dolan's tenure as a director at Mattel Inc . (NASDAQ: NASDAQ:MAT), which began in 2004, is marked by his roles as the Independent Lead Director, Chair of the Executive Committee, and member of the Governance and Social Responsibility Committee.
Dolan announced his decision to step down on Saturday, March 18, 2024, signaling the end of an era for the toy manufacturer. His departure will take effect after the completion of his current term, which will conclude at the 2024 Annual Meeting. Until that time, he will continue to fulfill his duties in his existing roles.
Dolan's decision to leave the board comes after two decades of service to the company, a period during which Mattel underwent significant changes and faced various industry challenges. His leadership roles within the board were critical during his time with the company, particularly his involvement with the executive and governance committees.
The announcement has been made public through a filing with the Securities and Exchange Commission. This regulatory disclosure ensures that shareholders and the investing public are informed of the upcoming change in the company's governance structure.
As the company prepares for the 2024 Annual Meeting, the focus will now shift to identifying a successor for Dolan's roles on the board. Mattel has not yet publicly indicated potential candidates or the process by which Dolan's replacement will be selected.
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