CEO Bryan Stockton will step in from January 2013.
58 year old Robert A. Eckert will retire as Mattel's director and chairman of the board on December 31st.
Mattel CEO Bryan G. Stockton will step up to become the new chairman of the board on January 1st, 2013.
Eckert joined Mattel as chairman and chief executive officer from Kraft Foods in 2000.
59 year old Stockton joined Mattel in November 2000 as executive vice president of business planning and development. He gained responsibility for international in 2003, and was promoted to president of international in 2007. He became CEO in January 2012.
"During the last year as CEO, Bryan has further demonstrated his leadership abilities as evidenced by the strong year-to-date results," said Christopher A. Sinclair, lead director for Mattel.
"The Board is confident that Bryan will continue to drive the company forward with his keen strategic focus and his experience in growing brands and countries.
"I also want to take this opportunity to thank Bob not only for his leadership as chairman during the last year, but also his last 12 years of service to Mattel."
Eckert added: "It has been my great honour to be a part of Mattel for more than a decade.
"I am confident that this next generation of leaders, with Bryan at the helm, will take Mattel and its industry leading portfolio of brands and countries to even higher levels."
Stockton commented: "I want to thank the Board, as well as Bob, for this additional leadership opportunity.
"My experiences over the last 12 years at Mattel have taught me that the combination of Mattel's power brands and our dedicated employees continues to deliver an excellent investment opportunity to Mattel's stockholders.
"This is an exciting time to be a part of Mattel - whether as an employee, a partner or an investor."
Want to receive up to the minute toy industry news straight to your inbox? Click here to sign up for the free ToyNews Daily Digest and Newsflash services. You can also follow ToyNews on Twitter and Facebook.