COSTA MESA, Calif., Oct. 15 -- Playmates Toys Inc. announced today the appointment of Lou Novak to the position of president. Novak, who has held senior management positions at Galoob, Mattel and Coleco, and most recently at Mainframe Entertainment, assumes the position effective immediately.
In his new role Novak will emphasize Playmates' commitment to brand building across its portfolio of license-based and original toy lines. This includes further integration of the company's proprietary toy and electronics concepts with popular licenses, such as this year's must-have 'My Interactive Princess Cinderella' doll, identified as a "wish list" top-10 by Toy Wishes magazine. Additionally, Novak will oversee all business aspects of the company's U.S.-based operations.
"Lou has contributed greatly to the success of many leading companies and brings with him a wealth of diverse business experience in several major industry segments," said Thomas Chan, chairman, Playmates Interactive Entertainment Limited. "His outstanding management skills, coupled with his leadership capabilities, are a perfect complement to the Playmates management team. Lou will play a key role in the next phase of our growth."
"I am excited about joining Playmates, a recognized innovator in the entertainment industry," said Novak. "Over the last decade, Playmates has realized many significant accomplishments. I look forward to working closely with Thomas Chan and contributing to the next stage of the company's evolution."
Novak joins Playmates from Mainframe Entertainment Inc., an award winning computer animation studio, where he served as chief executive officer. Prior to Mainframe, he was president and CEO of Videosnap, a streaming media application service provider. Previously, he spent 10 years at Galoob Toys Inc. in various executive management positions before advancing to executive vice president and chief operating officer, where he was successful in strategically repositioning the company for growth and profitability.
Before joining Galoob, Novak held key senior executive positions at such companies as Coleco Industries Inc. and Mattel Inc. While at Mattel, he served as senior vice president, planning, and played a major role in the restructuring activities that resulted in the company redirecting its focus to its core toy business and returning to profitability.
Playmates Toys Inc. is a diversified entertainment company offering a balanced product portfolio of girls and boys toys, electronics, and licensed properties. The company is best known for brands including the interactive dolls Amazing Ally and her family of interactive dolls, the original Totally Trolls, and the Waterbabies brand of dolls. Key licensed properties include classic Disney characters in multiple categories, New Line Cinema's "Lord of the Rings," Paramount Pictures' "Tomb Raider," Sony Pictures Family Entertainment's "Jackie Chan Adventures," Twentieth Century Fox's "The Simpsons" and Mirage Studio's "Teenage Mutant Ninja Turtles." Playmates Toys is a division of Playmates Interactive Entertainment Limited, a Hong Kong-based company whose stock is traded on the Hong Kong Stock Exchange.
