Bryan Stockton has resigned as chairman and CEO of Mattel. He has also stepped down from the Board of Directors.

Christopher Sinclair, who has served on Mattel’s Board of Directors since 1996, has been named as chairman and interim CEO.

“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 Christopher Sinclair.

“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. I look forward to engaging with the entire Mattel community as we work to deepen our connections with children and parents through expanded product innovation and improved retail execution. We will be working during the coming months to revitalize the business and to identify the right leadership for Mattel as it enters its next phase of growth and value creation.”

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