Mattel Inc. said on Monday it was consolidating its Mattel Brands and Fisher-Price Brands divisions into one division called “Brands.”

The El Segundo-based toy maker said former Fisher-Price Brands president, Neil Friedman, has been promoted to president of the division. Matthew Bousquette, the former president of Mattel Brands, will leave the company after 17 years to “pursue other business ventures,” Mattel said in a statement.

The new Brands division includes the Barbie, Hot Wheels and Fisher-Price mega brands, as well as licensed entertainment properties. Those included toys for Batman, Dora-the-Explorer and Sesame Street.

“The combination of Mattel Brands and Fisher-Price Brands into one global division is a logical extension of our ‘one Mattel’ approach to doing business by better leveraging and capitalizing on the scale of the world’s largest toy company and fostering best practice adoption within the organization,” said Robert A. Eckert, chairman and chief executive of Mattel.