Mattel MAT (-4%)
CEO Bryan Stockton (click here) has resigned from the helm of the toy giant just weeks after announcing a corporate reshuffle aiming to restore the fortunes of the struggling Barbie manufacturer.
Stockton will be replaced in the interim by board director Christopher Sinclair, one-time CEO of Pepsi .
The resignation comes at a tough time for Mattel, which released disappointing preliminary fourth quarter earnings on Monday morning as it announced Stockton’s departure. Worldwide sales during the all-important holiday shopping season fell 6% to $1.99 billion.
Mattel has been trying of late to diversify away from Barbie, who seems to be falling out of fashion with young girls, most recently in favor of characters from Disney’s mega-hit Frozen....
