Mattel has confirmed Christopher Sinclair as its new CEO.
Sinclair - who had been serving as the firm's interim CEO since January - will also continue as Mattel's chairman.
In addition, Richard Dickson is taking on an expanded role, having been appointed president and chief operating officer.
Dickson - who was previously president and chief brands officer - will now have resposibility for all brands and commercial operations.
Sinclair commented: "The board and management team are focused on achieving a rapid turnaround at Mattel and we have a clear game plan for what needs to be addressed.
"By moving quickly to reduce bureaucracy that has slowed decision making and diffused accountability, we are already beginning to benefit from greater energy and focus throughout the company.
"While we still have challenges and lots of work to do, I am confident that, with a newly revitalised management team, including talent that we are sourcing from outside Mattel, we can quickly capitalise on growth opportunities and perform better for our customers, delight consumer and reward our shareholders."