Ex-Mattel Exec Gets $6.5-Million Severance

From Dow Jones

Mattel Inc. said in a regulatory filing that it will pay Adrienne Fontanella, the former president of its Girls/Barbie division, a lump-sum severance of $6.5 million.

Fontanella’s employment with the El Segundo-based toy giant was terminated Feb. 27. Mattel also said it will pay Fontanella $531,114 under the terms of retention loan agreements, and $469,444 to the appropriate tax authorities for obligations under those agreements.

Mattel lent $1 million to Fontanella at 7% annual interest Oct. 29, 1999, and $2 million at 7% annual interest April 7, 2000. The purpose of the loans was to ensure that Mattel would retain the services of some key executives during a time of management transition and business challenges.