Jakks Pacific names new EVP, CFO

Former Ixia Business Group exec Brent Novak will oversee all financial aspects at the California toymaker.
April 2, 2018

California-based toymaker Jakks Pacific has appointed Brent Novak as its new EVP and CFO, where he will oversee all financial aspects of the company.

Novak’s remit will include financial planning and analysis, accounting and reporting, plus the management of tax, internal audit, treasury and investor-relation functions. He will report directly to Jakks Pacific chairman and CEO Stephen Berman.

Novak joins Jakks from Ixia Business Group, where he most recently served as CFO responsible for managing worldwide financial operations. He also previously held key roles at Idealab and PricewaterhouseCoopers.

Novak’s appointment comes as Jakks Pacific’s net sales fell by 13% in fiscal 2017. The toymaker reported sales of US$613.1 million for the year, with declines for Star Wars, Frozen and Tsum Tsum products. Jakks attributed multiple factors to the losses, including Toys “R” Us filing for bankruptcy protection.

Moving forward, Jakks plans to expand its retail private label programs and exclusive product initiatives. There will also be a continued focus on skincare and cosmetics through C’est Moi, Jakks’ proprietary cosmetic brand for tweens. The company’s expectation for 2018 is to grow sales modestly and return to profitability.

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