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Learning Company execs leave amid turmoil

Following a dismal quarterly earnings report, top executives leave educational software maker the Learning Company, parent Mattel says.

Following a dismal quarterly earnings report, top executives have left educational software maker the Learning Company, parent Mattel said today.

Learning Company chairman Michael Perik and president Kevin O'Leary are out and Mattel is seeking new leadership for Mattel Interactive, the toy maker's online arm, which operates the Learning Company, Mattel Media, and the firm's Intel Play venture, the company said. The Learning Company makes popular software titles such as Sesame Street, Where in the World is Carmen Sandiego?, and Reader Rabbit.

The news comes following troubling times for the software maker, which Mattel acquired in May. Last month, Mattel said the Learning Company would lose $50 million to $100 million. Soon after, Mattel chief executive Jill Barad promised investors a full report on the extent of the problems within the company.

In the meantime, Mattel named Francesca Luzuriaga chief operating officer of Mattel Interactive. She will assume responsibility for finance, information technology, and new business development, the company said. She has been serving as executive vice president of worldwide business planning and resources for Mattel since 1997.