Mattel CEO resigns, toy maker results miss expectations
EL SEGUNDO, Calif. (AP) — Toy maker Mattel says Bryan Stockton has resigned after about three years of leading the struggling maker of Barbie dolls and Hot Wheels cars.
The El Segundo, California, company also is reporting preliminary four-quarter earnings and revenue that missed Wall Street expectations, and its stock is sliding.
The company says longtime board member Christopher A. Sinclair will replace Stockton as chairman and interim CEO. Stockton because CEO in January 2012 and then was named chairman a year later.
Mattel Inc. says it earned 44 cents per share in the fourth quarter, or 52 cents per share, not counting hits from integration costs and taxes. Revenue fell 6 percent to $1.99 billion.
Analysts were expecting 91 cents per share on $2.14 billion in revenue.