4Kids Entertainment, Inc., announced this morning that its long time chairman and CEO, Alfred R. Kahn has retired and will be leaving the company today.
The Board of Directors has appointed director Michael Goldstein as the interim Chairman of 4Kids. The company will be conducting a search for a new CEO.
“I want to thank Al Kahn for his years of service at 4Kids as its chairman and CEO,” said Michael Goldstein, in a statement. “Under his leadership, 4Kids served as the merchandise licensing agent for some of the most successful properties of the last two decades such as Nintendo, Pokémon, Yu-Gi-Oh!, Teenage Mutant Ninja Turtles, and Cabbage Patch Kids. We wish Al success in his future endeavors.”
Michael Goldstein, 69, has been a director of 4Kids since March 2003. Goldstein has extensive experience in the toy and merchandise licensing business. He served as chairman of the board of directors of Toys “R” Us, Inc. from 1997–2001, and vice chairman and CEO of Toys “R” Us, Inc from 1994–1998.
“After almost 25 years, I have reached the point in my career where I want to relinquish my responsibilities at 4Kids,” said Kahn in a statement. “The last several years have been particularly difficult and demanding with the business of 4Kids being buffeted by the financial crisis. After helping steer the company through challenging times, I have decided that it is the right moment for me to retire. I believe that going forward, Michael Goldstein and the team of experienced 4Kids executives will do an excellent job for our clients and for our shareholders.”
4Kids is also continuing to explore a variety of strategic alternatives, including a review of the capital structure of the business and a possible sale of all or a portion of the company’s stock or business. There can be no assurance that any such transaction will occur, according to a statement from the company.