MGA Entertainment Inc. (MGAE) promoted Martin J. Elliott to chief financial officer (CFO).

A former executive at Mattel and The Walt Disney Co., Elliott joined the company as vice president of financial planning and analysis in 2015. He takes the reigns as CFO effective immediately, succeeding Stephen Schultz, who will remain with MGAE in an advisory role through the end of the year.

“Martin is a solid financial leader who understands our business and how to maintain its profitability and debt-free status,” says MGAE Founder and CEO Isaac Larian. “During his time at MGAE, Martin has brought forth a keen sense of market awareness and insights related to financial analysis and driving profitable growth. I am confident that under Martin’s leadership and Steve’s mentorship MGAE will continue to maintain its position and will grow high double digits this year.”

MGAE cites Elliott as playing an important role in driving industry-leading growth and maintaining the lowest operating cost structure in the toy industry during his five years with the company.

“I am honored to play a deeper role in ensuring that MGAE is best positioned to continue bringing bold innovation to the toy industry,” says Elliott. “I look forward to continuing to work with our talented creative and leadership teams and delivering industry-leading returns.”

Schultz will work with Elliott to ensure a seamless transition.

“I am grateful to Steve for his many years of partnership and leadership, helping grow MGAE into the toy company it is today,” Larian adds. “Steve did an incredible job for MGAE the past 10 years during some very, very tough times. We wish him the best; we will miss him.”