Mattel CEO Christopher Sinclair 'won't hand over reins until turnaround complete'

November 4th 2016 at 12:00PM
UPDATED November 4th 2016 at 12:06PM
Mattel CEO Christopher Sinclair 'won't hand over reins until turnaround complete'

The statement has been made in response to rumours that the firm was preparing for a change of the guard following the appointment of recruitment agency Spencer Stuart this week.

Mattel CEO Christopher Sinclaire has stated that he won’t give up his post until the toymaker has achieved the turnaround he was brought on to deliver.

The statement has been made in response to rumours that the firm was preparing for a change of the guard following the appointment of recruitment agency Spencer Stuart this week.

A retired consumer products executive and member of Mattel’s board of directors, Sinclair was brought into the role of CEO following the departure of his predecessor in 2015.

Under his leadership Mattel has reversed sales declines in top brands such as Barbie and Fisher-Price.

“When we’ve got confidence that we’ve got a stable enterprise, and it’s working on all cylinders, and we’ve got a deep foundation of management and the right culture, then that’s the time when I will feel comfortable moving on to my dotage,” Sinclair told financial analysts.

“We will then in earnest start to think about long-term leadership of the company.”

The Wall Street Journal reported Wednesday that Mattel had retained search firmSpencer Stuart to help identify the company’s next CEO, according to people familiar with the matter.