At least four top executives of Mattel Toys (India) Private Ltd., the subsidiary of Mattel Inc., the world’s biggest toy company, were asked to leave last week and the company has maintained complete silence on the reason behind their exit.
Reportedly, they were sacked after an audit of the company’s books of accounts. The top executives include Mattel Toy (India)’s country manager and three directors handling sales, operations and finance positions, industry officials confirmed.
Mattel Toys (India), through its publicity agency, did not offer any comment. A person who picked up the former country manager’s cell phone said it was a wrong number when this correspondent revealed his identity. Responding to an e-mail, the office of Peter Broegger, Senior Vice-President & GM, Asia Pacific, Mattel East Asia, one who heads this region, said that he was travelling.
Mattel Toys (India) has nominated Manoj Kumar, Company Secretary and Legal Manager and another director to represent it in the industry association replacing two executives who have quit.
In a recent interaction with The Hindu, Mattel Toys’ top executives had told that their strategy to come out with local toy characters had paid off. The sudden exit of the top bosses has created confusion among the employees of the company which is well known for its Barbie, Hot Wheels, Monster High and American Girl brands.