US toymaker Mattel replaced its chief executive yesterday after disappointing sales for the Christmas holiday season sent net income plunging.
Mattel said Bryan Stockton had resigned as chairman and chief executive and resigned from the company's board.
Christopher Sinclair, a Mattel board member and veteran executive of the food industry, was named 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 maximise its potential," Sinclair said in a statement.
"We will be working during the coming months to revitalise the business and to identify the right leadership for Mattel as it enters its next phase of growth and value creation."
Mattel - maker of the popular Barbie doll range -said preliminary results for the fourth quarter showed sales fell 5.7pc to $1.99bn from a year earlier.