Soren Laursen
Director at MAT
Board
About Soren Laursen
Independent director of Mattel, Inc. since 2018; age 61. Former CEO of TOP-TOY (Nordic toy retailer) and President of LEGO Systems, Inc. (Americas), bringing deep toy industry, brand-building, global operations, and turnaround experience. Current experience includes an operating partner role at Credo Partners and multiple chairmanships in consumer and manufacturing businesses. Committee memberships: Audit and Finance; designated Audit Committee Financial Expert.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| TOP-TOY (Nordic toy retailer) | Chief Executive Officer | Apr 2016 – Jan 2018 | Led turnaround and growth initiatives; retail/operator expertise |
| LEGO Systems, Inc. (Americas) | President | Jan 2004 – Mar 2016 | Brand franchise development; media/digital activation leadership |
| The LEGO Company | SVP, Europe North & East | Apr 2000 – Dec 2003 | Regional leadership, international operations |
| The LEGO Company | SVP, Special Markets | 1999 – 2000 | Specialty channel strategy |
| LEGO New Zealand | VP/GM | 1995 – 1999 | Country P&L leadership |
| Credo Partners AS | Operating Partner | 2023 – Present | Mid-size company value creation focus |
| Credo Partners AS | Head of Denmark | 2019 – 2023 | Country leadership |
| Mattel, Inc. | Interim Executive Director | Oct 2018 – Sep 2019 | Transitional executive role at Mattel |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Koble ApS | Board Chairman | 2023 – Present | Governance leadership |
| The Army Painter | Board Chairman | 2023 – Present | Hobby/consumer products |
| BørneRiget Fonden | Board Chairman | 2020 – Present | Non-profit |
| Varier Furniture A/S Oslo | Board Chairman | 2020 – Present | Consumer furnishings |
| Postevand ApS | Board Chairman | 2019 – Present | Sustainability/consumer |
| AVT Business School | Advisor | 2018 – Present | Education advisory |
| The Toy Association | Advisor; Board member at large | Advisor since 2014; Board member at large since 2004 | Industry leadership and networks |
| Patentrenewals.com | Director | 2018 – 2023 | IP services governance |
| BoeBeauty | Board Member | 2020 – 2021 | Consumer beauty |
| Isabella A/S | Director | 2018 – 2020 | Outdoor/recreation |
| A.T. Cross, R.I. | Director | 2014 – 2016 | Writing instruments |
| LEGO Children’s Fund | Director | 2010 – 2016 | Philanthropy |
| Connecticut Children’s Medical Center | Director | 2008 – 2016 | Healthcare non-profit |
Board Governance
- Independence: Listed as “Independent” director; Audit Committee determined all members (incl. Laursen) meet SEC/Nasdaq independence, financial sophistication, and qualify as audit committee financial experts.
- Committee assignments: Audit Committee (member); Finance Committee (member); Audit Committee Financial Expert designation.
- Committee activity: Audit Committee held 13 meetings in 2024; Finance Committee held 5 meetings in 2024.
- Board meetings/attendance: Board held 5 meetings in 2024; no incumbent director attended less than 75% of Board and applicable committee meetings; eight of eleven directors attended the 2024 Annual Meeting.
| Committee | Role | Meetings in 2024 | Notable Responsibilities |
|---|---|---|---|
| Audit | Member; Audit Committee Financial Expert | 13 | Oversight of financial reporting, auditor selection/oversight, internal audit, compliance, risk including cybersecurity |
| Finance | Member | 5 | Capital allocation, debt/credit facilities, dividends/buybacks, M&A oversight, hedging, rating agency interactions, third‑party financial risks |
Fixed Compensation
- Structure: Annual cash retainer $110,000; Audit Committee member retainer $10,000; chair retainers not applicable to Laursen (Finance chair retainer is $15,000; Audit/Comp chairs $20,000; ILD retainer $50,000).
- 2024 actual cash fees: $123,333 (includes pro‑rated Audit Committee retainer from Feb 5, 2024 appointment; Laursen elected to receive his annual retainer in stock rather than cash).
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Annual cash retainer | 110,000 | Fixed; directors may elect stock in lieu |
| Audit Committee member retainer | 10,000 | Fixed for members (incl. Laursen) |
| Finance Committee chair retainer | N/A | Laursen is not chair |
| Independent Lead Director retainer | N/A | ILD is Roger Lynch |
| 2024 Cash Fees Earned (reported) | 123,333 | Includes pro‑rated Audit Committee retainer; retainer paid as stock per election |
| Cash Retainer Election (2024) | Shares | Reference Price |
|---|---|---|
| Stock in lieu of annual cash retainer | 6,268 | $17.55 (May 29, 2024) |
Performance Compensation
- Equity grant: Annual director RSU grant of 9,972 RSUs on May 29, 2024; grant date fair value $175,009. RSUs vest immediately; settlement occurs at the earlier of the third anniversary of grant or cessation of board service; dividend equivalents paid in cash until settlement; deferral available under Director DCP.
- Other equity/derivatives: No stock options outstanding for directors as of Dec 31, 2024.
| 2024 RSU Grant | Grant Date | RSUs Granted | Grant Date Fair Value ($) | Vesting | Settlement Policy | Dividend Equivalents |
|---|---|---|---|---|---|---|
| Annual director grant | May 29, 2024 | 9,972 | 175,009 | Immediate vest | Earlier of 3rd anniversary or end of board service | Cash equivalents until settlement |
| Outstanding Stock Awards (as of 12/31/2024) | Count |
|---|---|
| Aggregate stock awards outstanding (vested RSUs/deferred) | 25,409 |
Performance metrics: Director equity grants are fixed‑value RSUs without performance conditions (time‑based vesting only).
Other Directorships & Interlocks
| Category | Company | Role | Tenure |
|---|---|---|---|
| Current public company boards | None disclosed | — | — |
| Prior public company boards (last 5 years) | None disclosed for Laursen | — | — |
| Other boards (private/non‑profit/academic) | See External Roles above | Various | As listed |
Expertise & Qualifications
- Industry/operator: Senior leadership across LEGO and TOP‑TOY, with deep brand, marketing, retail, global operations, and toy industry expertise.
- Finance/accounting: Audit Committee Financial Expert designation; skills include finance/accounting/financial reporting.
- Strategic/governance: Active roles as board chair across multiple entities; long‑standing involvement with The Toy Association.
- Skills matrix: Brand/marketing; corporate citizenship; entertainment/media; finance/accounting; human capital; industry; international/global; senior leadership; supply chain; technology/e‑commerce.
Equity Ownership
- Beneficial ownership: 57,787 shares of Mattel common stock as of March 17, 2025; less than 1% of shares outstanding. None of the listed shares are pledged; directors held no stock options.
- RSUs outstanding: 25,409 vested but unsettled/deferred RSUs counted as stock awards outstanding as of Dec 31, 2024.
- Ownership guidelines: Non‑employee directors must hold stock equal to 5x annual cash retainer within five years; Laursen is listed among board members who have met the targeted stock ownership level.
| Ownership Detail (as of 3/17/2025 unless noted) | Amount |
|---|---|
| Shares beneficially owned | 57,787 |
| Percent of common stock | <1% |
| Pledged shares | None |
| Options outstanding | None |
| RSUs/stock awards outstanding (12/31/2024) | 25,409 |
| Ownership guideline | 5× annual cash retainer (within 5 years) |
| Guideline compliance status | Met (not among exceptions) |
Governance Assessment
- Board effectiveness: Active on Audit and Finance Committees with heavy meeting cadence (13 Audit; 5 Finance), and designated Audit Committee Financial Expert—supports robust oversight of reporting, risk, and capital allocation.
- Alignment: Elected to take annual cash retainer in stock (6,268 shares), plus fixed‑value RSU grant; met stock ownership guidelines—positive alignment with shareholders.
- Independence/attendance: Classified as Independent; Audit Committee specifically affirmed independence; no incumbent director fell below 75% meeting attendance in 2024.
- Compensation structure: Director pay is standard—cash retainer and fixed RSUs; no options; modest “All Other Compensation” reflects charitable grant/match program. No performance metrics tied to director equity; consistent with governance best practices.
- Conflicts/related party: Company reports no current or proposed related party transactions requiring disclosure; none of Laursen’s shares are pledged. Prior interim executive role (2018–2019) noted, but Board determined current independence.
- RED FLAGS: None identified in proxy disclosures—no pledging, no related‑party transactions, no option repricing, no tax gross‑ups; attendance thresholds met. Monitor for any future related‑party exposure given extensive external chair roles, but policy and annual questionnaires are in place.
Director Compensation (Detail)
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| Soren Laursen | 123,333 | 175,009 | 7,500 | 305,842 |
Notes:
- Annual stock grant equals 9,972 RSUs; immediate vest; settlement deferral mechanics per Director DCP.
- Charitable grants/matching via Mattel Children’s Foundation capped at $7,500 each per year.