In this role, Koorapati will report to CFO Anthony DiSilvestro and will oversee the company’s technology operations, including shared platforms, AI, software and hardware development, cybersecurity, digital privacy, and connected product designs. The company announced this spring that it is evaluating AI applications across its operations as part of a broader effort to reduce costs by $200 million by 2026.
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MattelMattel has named Sai Koorapati as their new senior vice president and chief technology officer, effective Monday, the toy company announced on Wednesday. In this role, Koorapati will report to CFO Anthony DiSilvestro and will oversee the company’s technology operations, including shared platforms, AI, software and hardware development, cybersecurity, digital privacy, and connected product designs. The company announced this spring that it is evaluating AI applications across its operations as part of a broader effort to reduce costs by $200 million by 2026.
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Image: Mattel
Prior to joining Mattel, Koorapati served as senior vice president of global information technology at Topgolf Callaway Brands, where he spearheaded a digital transformation initiative. He has also held leadership positions at TaylorMade Golf, Gathering Storm Group of Companies, and other tech and manufacturing companies, according to the press release.
At the time, CEO Ynon Kreiz stated, ‘We are broadly exploring AI to enhance various aspects of analytics, product development, and product integration.’
CFO Anthony DiSilvestro, in a statement, praised Koorapati, noting that he ‘brings a solid track record of leading digital transformations and extensive experience in enterprise applications, customer-facing systems, and cybersecurity tools. We anticipate that Sai’s expertise will guide us through complex technological landscapes and drive innovation at Mattel.’
During its most recent earnings report, Mattel’s sales showed a 0.7% year-over-year decline, bringing in $1.1 billion. Despite this, Kreiz emphasized that it was a strong quarter for the company, highlighting increases in adjusted EBITDA and adjusted earnings. He referred to 2023 as a ‘milestone year’ for Mattel, citing the success of the ‘Barbie’ movie as a key factor in showcasing the company’s entertainment strategy and brand relevance beyond toys.
Mattel remains optimistic about the remainder of the year, with Kreiz predicting growth in its toy business during the second half. He also expressed confidence in a successful holiday season for Mattel, driven by new product innovations, increased retailer support, more marketing and promotions, and new content.
In July, Mattel declined to comment on a Reuters report about a potential takeover by private equity firm L Catterton.
Source: Mattel
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