Raymond W. Ferris, 56, has left his job as executive vice president for strategic planning at Mattel in what the toy company described as a "mutual decision."
Ferris, a 15-year veteran of Mattel's executive ranks, also resigned from the company's board .
A Mattel spokesman said Ferris "planned himself out of a job." The spokesman, Shel Holtz, said Ferris came up with a plan for Hawthorne-based Mattel that called for the elimination of his own job and that the plan was accepted. Details of Ferris' severance package were not disclosed.
In a telephone interview, Ferris said he thought the strategic planning department at Mattel wasn't needed. "It was a very tough decision," he said. He said there were no other high-level jobs available at Mattel. He earned $340,885 in salary and bonus last year.
Ferris' sudden departure comes as the company is mired in losses and is laying off employees to reduce costs. "It looks like they've cut the fat and now they are cutting into the muscle," said Gregory H. Kisselman, an analyst with Morgan, Olmstead, Kennedy & Gardner.