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Mattel Cut Executives' Pay Last Year

March 19, 1997|(Bloomberg News)

Mattel Inc. said it cut the cash compensation for its two top executives by more than a third last year because the toy company didn't reach its growth targets of 10% in sales and 15% in earnings. Sales rose 4% and profit increased 14% in fiscal 1996. Chairman John Amerman's salary, bonus and other pay fell 39% to $4.3 million from $7 million, and pay for President Jill Barad, who assumed Amerman's role as chief executive in January, fell 36% to $3.5 million, the El Segundo-based company said. Separately, Tyco Toys Inc. shareholders overwhelmingly approved the firm's acquisition by Mattel for $755 million in stock. Tyco executives also said the Federal Trade Commission has agreed to respond to filings seeking approval of the acquisition by Thursday. The companies will announce the transaction's closing date following the FTC's response. Mattel on Nov. 18 agreed to buy Tyco for $12.50 a share. Shares in Mount Laurel, N.J.-based Tyco rose 25 cents to close at $11.50. Mattel shares rose 87.5 cents to $24.625. Both trade on the New York Stock Exchange.

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