Christopher A. Sinclair has been named the chairman and interim CEO of Mattel, effective immediately. The company also announced that Bryan G. Stockton has resigned as Mattel’s chairman and CEO and resigned from the board of directors.
“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,” says 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.”
“On behalf of the board and everyone at Mattel, I sincerely thank Bryan for his many valuable contributions over the past 15 years in expanding our business and portfolio of brands and building our executive team,” says Sinclair.
Sinclair has served as a member of Mattel’s board of directors since 1996 and as independent lead director since 2011. He also served as chair of Mattel’s audit committee. In addition to leadership roles at prominent venture capital and private equity firms, Sinclair was chairman and CEO of Caribiner International Inc. from 1999-2000, president and CEO of Quality Food Inc. from 1996-1998, and prior to that served in senior roles at PepsiCo, including as chairman and CEO of Pepsi-Cola Co., and president and CEO of PepsiCo Foods & Beverages International and Pepsi-Cola International.
The news comes on the heels of Mattel’s preliminary fourth quarter and full-year results. For the fourth quarter, the company reported net income of $149.9 million, or $0.44 per share, which includes a negative impact of $0.05 per share from Mega Brands integration costs, compared to net income of $369.2 million, or $1.07 per share, in the fourth quarter of 2013. Worldwide net sales in the fourth quarter were $1.99 billion, down 6 percent, compared to $2.11 billion last year. For the year, the company reported net income of $498.9 million, or $1.45 per share, compared to net income of $903.9 million, or $2.58 per share, in 2013. Worldwide net sales were $6.02 billion, down 7 percent, compared to $6.48 billion last year.
