(Reuters) -Barbie parent Mattel ( MAT ) said on Thursday Chief Financial Officer Anthony DiSilvestro will retire on May 15.

DiSilvestro, who joined Mattel ( MAT ) in August 2020, will serve as an advisor through August 15 to ensure a smooth transition, according to the company.

During DiSilvestro's tenure, the company optimized its operations and improved efficiencies that resulted in over $400 million of cost savings.

The move comes at a time when the Hot Wheels maker has benefited from disciplined cost management against the backdrop of muted demand for toys over the last year.

In October, Mattel ( MAT ) topped Wall Street estimates for quarterly profit on cost-saving measures but lowered its annual sales forecast for the crucial holiday shopping season.

Mattel ( MAT ) has initiated a comprehensive search process for a successor, it said.