Mattel reportedly hired the search firm Spencer Stuart this summer to help identify the successor to Christopher Sinclair.
The board’s timeline for making a transition is currently unclear, as Christopher has said he plans to see the company through its continuing turnaround effort.
Christopher was a retired consumer products executive and Mattel board member when he took command of the company in January 2015. He stepped in on an interim basis when Mattel parted company with his predecessor amid slumping sales of Barbie and other big brands. He was named permanent CEO three months later, passing over internal candidates.
As CEO, Christopher threw himself into the role of stabilising Mattel’s operations, helping to reverse a long slump in sales of Barbie. Barbie sales had fallen more than 10% for eight straight quarters before bouncing back with sales up 23% and 16%, respectively, the past two reporting periods. He has also worked to deepen Mattel’s management bench, has kept a tight lid on costs and has preserved Mattel’s dividend.
Shares, which closed Wednesday at $30.90, have bounced back from a recent low of $19.45.