Toymaker Mattel Inc. announced Monday that Bryan Stockton has resigned as chief executive and Christopher Sinclair is the new chairman and interim chief executive.
The El Segundo company competes with several Valley companies, including doll maker MGA Entertainment Inc. in Van Nuys and the merchandise division of Walt Disney Co. in Burbank.
Mattel has struggled financially in the last year and in the same press release it announced the leadership change it reported preliminary results for the fourth quarter and full-year 2014 far below analyst expectations, according to the Wall Street Journal.
Sinclair has served on the company’s board since 1996, and was formerly an executive at PepsiCo Inc.
“Mattel is an exceptional company with a great future but the board believes that it is the right time for new leadership,” Sinclair said in a statement. “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.”