Richard Dickson, CEO of Hole Inc.
Courtesy: Hole Inc.
Hole introduced Wednesday it is poached a prime Mattel government to be its new CEO because the attire large seeks to reverse an ongoing gross sales stoop and regain its relevancy within the style trade.
Richard Dickson, the president and chief working officer at Mattel, was chosen as Hole’s prime boss after a year-long search that started final summer season when former CEO Sonia Syngal left the corporate.
Since then, Hole’s chairman Bob Martin has been serving as interim CEO throughout a longer-than-expected seek for a substitute. Throughout a Could earnings name, Martin instructed buyers he did not anticipate to carry the place as interim CEO so long as he had.
Dickson, who has been a member of Hole’s board since November 2022, will go away his present place at Mattel on August 3 and begin the brand new position on August 22, incomes an annual base wage of $1.4 million. Martin will stay chair of the board.
“Hole Inc. is a portfolio of iconic manufacturers, identified for having outlined American type with daring considering and making high quality style accessible to tens of millions. Nevertheless it’s the work forward that excites me most – the prospect to work hand-in-hand with the groups to evolve Hole Inc. for a brand new period,” Dickson mentioned in a press release. “Beneath Bobby’s management, the workforce has begun to actually reset the corporate for long-term success, establishing a brand new basis that I am keen to construct on.”
Martin known as Dickson “an ideal match for Hole.”
Hole shares gained 6% on Wednesday following the information, whereas shares of Mattel fell barely.
Throughout his tenure with Mattel, Dickson is credited with reviving the Barbie franchise and rising the toymaker’s different prime manufacturers, together with Sizzling Wheels and Fisher-Worth, in response to Mattel.
Margot Robbie will star as Barbie in an upcoming film from Mattel and Warner Bros.
Mattel | Warner Bros.
He first joined Mattel in 2000 and at present leads its international model portfolio, overseeing technique, model advertising, design and growth. Within the place, he additionally oversees franchise administration, together with licensing and merchandising, reside occasions and digital gaming.
Within the leadup to the highly-anticipated Barbie film, Mattel entered into licensing agreements with over 100 manufacturers, together with Hole, to promote a variety of Barbie-themed merchandise, turning the enduring pink doll right into a ubiquitous model.
Dickson beforehand held positions at Bloomingdales and The Jones Group. The Wall Road Journal first reported his appointment to Hole.
He leaves Mattel at a high-point within the toymaker’s historical past because it revels within the success of its Barbie film —and joins Hole because the retailer struggles to right-size its enterprise and win again prospects.
The corporate has been grappling with a years-long gross sales stoop and a sequence of management shakeups throughout its portfolio of manufacturers, which incorporates Athleta, Banana Republic, Outdated Navy and its namesake banner.
Since final fall, Hole has laid off greater than 2,000 staff in an effort to streamline operations and minimize prices.
In its most up-to-date quarter ended April 29, gross sales have been down 6% from the year-ago interval to $3.28 billion. It reported a quarterly internet lack of $18 million, enchancment from a lack of $162 million within the prior 12 months.
