Mattel names Sinclair permanent CEO to lead toy turnaround

NEW YORK – Mattel Inc. named Chairman Christopher Sinclair its permanent CEO as the world’s largest toymaker seeks to bounce back from a sales slump.

Sinclair, a Mattel board member since 1996, had been serving as interim CEO since the company ousted Bryan Stockton in January. Sinclair, previously a PepsiCo Inc. executive and CEO of Caribiner International Inc. and Quality Food Inc., will remain chairman of Mattel, according to a statement Thursday.

Mattel has been struggling with sluggish sales of Barbie and Fisher-Price, hurt by kids spending more time playing on electronic devices. In another blow, the company is losing its license for Walt Disney Co.’s Frozen dolls to Hasbro Inc. in 2016.

The shares fell 1.9 percent to $22.65 at the close in New York. The stock has declined 44 percent in the past year.

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The El Segundo, Calif.-based company also promoted Richard Dickson to chief operating officer, from chief brands officer. It’s Dickson’s second promotion since he rejoined the company in May. He had worked at Mattel for about a decade through 2010, overseeing a variety of product lines, marketing and packaging, before he left to work for Jones Group Inc.

Before his departure, Dickson was credited with rejuvenating Barbie, the company’s largest brand. Now he’s filling out his resume with experience in operations, a sign that the 47-year-old could be getting groomed to become the next CEO after the 64-year-old Sinclair.

Sinclair and Dickson have a lot of work to do. Mattel’s sales fell 7.1 percent to $6.02 billion last year, thanks in part to Barbie’s declining market share.

“The Board and management team are focused on achieving a rapid turnaround at Mattel and we have a clear game plan for what needs to be addressed,” Sinclair said in the statement.

The Wall Street Journal reported the promotions earlier.

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