Mattel Chairman and CEO Bryan Stockton has resigned after the struggling maker of Barbie dolls and Hot Wheels cars reported fourth-quarter results that fell far short of analyst expectations.
Shares of the El Segundo, California, company slipped in Monday morning trading.
The company said longtime board member Christopher A. Sinclair will replace Stockton as chairman and interim CEO.
The toy maker also disclosed that its net income tumbled 59 percent to $149.9 million from $369.2 million in the three months that ended Dec. 31. On a per-share basis, Mattel earned 44 cents per share in the most recent quarter, or 52 cents per share not counting hits from integration costs and taxes.
Revenue fell 6 percent to $1.99 billion.