Mattel named Ynon Kreiz as its new CEO, replacing Margaret Georgiadis, who is stepping down to take the top job at consumer genomics company Ancestry.

Kreiz has been a director on Mattel's board since June 2017, and is slated to be elected as the board's chairman at its shareholder meeting on May 17. He was replacing Christopher Sinclair, the executive chairman and former Mattel CEO, who announced his plan to retire last year.

Shares of the company fell more than 3 percent Thursday. In the last 12 months, shares have slipped more than 45 percent.

Kreiz has more than two decades of experience in the media and entertainment industries, particularly children's entertainment, areas that Mattel's rival Hasbro has excelled in. Hasbro Studios produces online shows like "Littlest Pet Shop," "The Adventures of Chuck & Friends" and "G.I.J.O.E." which each have their own line of toys.

He is the former CEO and chairman of Maker Studios, which was sold to The Walt Disney Company in 2014. Prior to that he was the chairman and CEO of Endemol Group, one of the world's largest independent television production companies.

Earlier in his career, Kreiz co-founded Fox Kids Group Europe, a children's entertainment company, which was also acquired by Disney in 2002.

"Ynon has tremendous expertise across areas critical to our strategy, including digital, media and entertainment, and we have already benefited from that experience and his compelling vision for the company since he became a director," Sinclair said in a statement Thursday.