Bryan Stockton has resigned as chairman and chief executive officer of Mattel it has been confirmed. He has also resigned his position from the Board of Directors.
Stockton took on the role of CEO in January 2012, taking over from Bob Eckert. He was previously COO of the company.
Christopher Sinclair has been named as Mattel's new chairman and interim CEO. He has served as a member of Mattel's Board of Directors since 1996. He has previously held senior roles at Caribiner International, Quality Food and PepsiCo.
"Mattel is an exceptional company with a great future but the board believes that it is the right time for new leadership to maximise its potential," Sinclair commented. "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.
"We will be working in the coming months to revitalise the business and to identify the right leadership for Mattel as it enters its next phase of growth and value creation.
"On behalf of the board and everyone at Mattel, I sincerely thank Bryan for his many valuable contributions over the past 15 years in expanding our business and portfolio of brands and building our executive team."
Mattel has also reported its preliminary fourth quarter and FY2014 financial results.
For Q4, the firm recorded net income of $149.9 million compared to net income of $369.2 million in the fourth quarter of 2013. This includes a negative impact of $0.05 per share from MEGA Brands integration costs and a negative tax impact of $0.03 per share.
Worldwide net sales in the fourth quarter were $1.99 billion, down six per cent, compared to $2.11 billion last year.
For the year, the company reported net income of $498.9 million, which includes a negative impact of $0.16 per share from the MEGA Brands acquisition and integration costs and a tax benefit of $0.13 per share, compared to net income of $903.9 million in 2013.