She left, she returned, and now she's headed out again.
Read more at Recode:
Watch a supercut of Google's event announcing its Pixel phones, Home and Daydream VR headset
Google's hardware event was really all about its AI software
The FAA just issued the largest fine ever against a company for flying drones illegally
Georgiadis, who started working at Google in 2009, was one of the company's top advertising executives. She was often the top-ranking ad exec at events like YouTube's Brandcast, where Google tried to persuade big-brand advertisers to move dollars from TV to YouTube.
This isn't the first time Georgiadis has departed Google. In 2011, she left her role as VP of Global Sales Operations for a stint as COO at deals site Groupon, just before Groupon went public. Five months later, she was back at Google in her current title.
At Mattel, Georgiadis will replace Christopher A. Sinclair, who will serve as executive chairman of the board. Sinclair was tapped to run Mattel, the country's largest toymaker, in early 2015 to lead a turnaround of the faltering company.
Flagging sales led to the abrupt ouster of its previous CEO, Bryan Stockton, and the quick appointment of Sinclair. Mattel had been looking for a long-term successor as early as November of last year, according to the Wall Street Journal.
"I'm thrilled for Margo and wish her every success at Mattel. She's helped create terrific momentum for our business and under her leadership, we've built incredibly close relationships with our partners across the Americas," Google Chief Business Officer Philipp Schindler said in a statement.
Recode has reached out to Georgiadis and will update if she responds.
—By Tess Townsend, Recode.net.