Mattel CEO Resigns as Barbie Parent Company Struggles for Relevance
Mattel CEO Bryan Stockton has resigned from the helm of the toy giant just weeks after announcing a corporate reshuffle aiming to restore the fortunes of the struggling Barbie manufacturer. Stockton will be replaced in the interim by board director Christopher Sinclair, one-time CEO of Pepsi. The resignation comes at a tough time for Mattel, which released disappointing preliminary fourth quarter earnings on Monday morning as it announced Stockton's departure. Worldwide sales during the all-important holiday shopping season fell 6 percent to $1.99 billion.