Mattel CEO quits as Barbie sales continue to slide
The chief executive of toy maker maker Mattel, Bryan Stockton, has left the business after reporting a six per cent fall in sales during the Christmas period.
The maker of the Barbie doll and Fisher-Price range said board member Christopher Sinclair would replace Stockton as chairman and interim chief executive until a replacement is found.
"Mattel is an exceptional company with a great future but the Board believes that it is the right time for new leadership to maximize its potential," said Sinclair. "We will be working during 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."
Mattel blamed a strong US dollar on falling sales, which dropped to $1.99bn (£1.32bn) in the quarter to December 31 and were down seven per cent to just over $6bn for 2014.
A new Barbie doll is set to be unveiled later today at the Nuremberg Toy Fair.