By Joann S. Lublin And Paul Ziobro
Mattel Inc. named Christopher Sinclair as its permanent chief
executive, selecting a longtime board member to steer the toy maker
through the early stages of a turnaround.
The company also elevated Richard Dickson, currently chief
brands officer, to chief operating officer, giving him the inside
track to eventually succeed the 64-year-old Mr. Sinclair.
Shares of Mattel fell 2.8% to $22.43 in late afternoon
trading.
Mr. Sinclair, a former senior PepsiCo Inc. executive who has
served on the Mattel board since 1996, was named interim CEO and
chairman in January following the resignation of Bryan Stockton,
who oversaw a two-year tailspin at the world's largest toy company
by sales, especially among its largest brands like Barbie and
Fisher-Price.
Mattel held a board meeting last week to discuss succession
planning, as well as first-quarter results, which are due out April
16.
The appointments come at a difficult time for the toy maker,
which is losing ground to rivals as its sales and profits slide.
Shares of Mattel have lost 44% of their value in the past 12
months.
Despite the difficulties, the company hasn't turned to an
outsider. Mattel didn't hire an executive search firm to help fill
the CEO job. The company had elevated two internal candidates in
January to the title of president: Mr. Dickson and Tim Kilpin,
chief commercial officer.
Mattel's board brought Mr. Dickson, 47, back to the company last
year, tasking him with leading the creative and marketing teams
behind Barbie, Hot Wheels, Thomas the Tank Engine and the rest of
Mattel's toy properties. Mr. Dickson had left Mattel in 2010 for
the apparel company Jones Group after leading a revival of Barbie
by focusing the doll more on its fashion roots.
Mr. Dickson has quickly left his mark on Mattel in his short
time back. He has reorganized the creative team and put the largest
toy brands into separate business units. He's also created a
division called the Toy Box that has more leeway to take risks and
develop toys the way a startup would.
Mattel in the past has used the chief operating officer position
to groom a new chief. Before Mr. Stockton became CEO in 2012,
Mattel promoted him to the newly created role of chief operating
officer, essentially anointing him the soon-to-be successor.
Write to Joann S. Lublin at joann.lublin@wsj.com and Paul Ziobro
at Paul.Ziobro@wsj.com
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