Mattel chairman and chief executive Bryan Stockton resigned as the toy giant biggest toymaker reported fourth-quarter net income of $149.9 million, or 44 cents per share, down 59 percent from the same quarter last year.
Christopher Sinclair, a member of the board since 1996, will take over as chairman and interim chief executive of the El Segundo-based firm.
Sinclair ran Caribiner International, Inc. in 1999-2000, was president and CEO of Quality Food Inc. in 1996-1998 and served in senior roles at PepsiCo.
“Mattel is an exceptional company with a great future but the Board believes that it is the right time for new leadership to maximize its potential,” he said. “We are committed to delivering improved growth and financial performance and remain confident in our ability to leverage our unmatched portfolio of brands, global scale and strong balance sheet as we execute on our strategic plan.”
Sales for the quarter ended Dec. 31 dropped about 6 percent to $1.99 billion.
Year-end earnings were $498.9 million, or $1.45 per share, compared with net income of $903.9 million, or $2.58 per share, in 2013.
— City News Service