Adds details from report in paragraph 2, 4 & 5; share movement in last paragraphFeb 1 (Reuters) - Activist investor Barington Capital has built an undisclosed stake in Mattel MAT.O and is seeking big changes to boost the toymaker's stock, the Wall Street Journal reported on Thursday, citing a letter sent to CEO Ynon Kreiz. Barington believes Mattel's share price will continue to underperform unless it takes steps such as pursuing strategic alternatives for its Fisher-Price and American Girl businesses, stopping what the investor views as excessive stock-based compensation and launching a $2 billion share-buyback plan, according to the report. Mattel and Barrington Capital did not immediately respond to a Reuters request for comment. Barington is also asking the company to separate the CEO and chairman roles, both of which are held by Kreiz, the report said. (Reporting by Gursimran Kaur in Bengaluru; Editing by Arun Koyyur and Rashmi Aich)((GursimranKaur.Mehar@thomsonreuters.com;))The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: Wall Street Journal February 02, 2024 01:07 UTC