Mattel removes CEO, warns of fifth straight fall in quarterly sales
By Yashaswini Swamynathan
(Reuters) - Mattel Inc (MAT.O: Quote) removed Chief Executive Brian Stockton after another disappointing holiday shopping season for the maker of the aging Barbie doll.
The company, which also warned of a fifth straight drop in quarterly sales, has struggled in recent years as young girls shun nearly 56-year old Barbie in favor of electronic toys, tablets and toys based on popular films.
On Monday, Mattel cited a strong dollar as a major factor behind a decline in revenue in the fourth quarter.
The company did not provide a breakdown on sales of Barbie or other products.
Stockton leaves after three years as CEO and two as chairman. Former PepsiCo Inc (PEP.N: Quote) executive Christopher Sinclair, 64, was appointed chairman and interim CEO.
Mattel's shares fell as much as 11 percent to a three-year low before recovering to trade down about 4 percent in afternoon trading.
Stockton's abrupt departure follows two years of lower-than-expected holiday sales.
"...The board believes that it is the right time for new leadership," Sinclair, a longtime board member, said in a statement. Continued...