Mattel Inc. (NASDAQ:MAT), world largest toy maker named Chairman Christopher Sinclair as its permanent CEO for the organization. Since the world leading toy maker wants to take a bigger leap in its sales slump, the organization has permanently names its chief executive officer as Christopher Sinclair.
Struggling Mattel was experiencing a huge drop off in sales over the holiday season of 2014 and it just shakes the structure of the organization and also includes the Christopher Sinclair as a permanent chairman of the company. Christopher Sinclair, a Mattel board member since 1996, and also serves as an interim CEO since January. Previously, he was an executive in PepsiCo Inc. and also CEO of Caribiner International, Inc. and also for Quality Food, Inc. Now, Sinclair will remain permanent CEO of Mattel Inc., and officially announced in the statement on Thursday by the Company.
Mattel, Inc. has been struggling over the sales of Barbie and Fisher-Price, and the sales of the toys has been reduced by the kids spending more time on the electronic gadgets rather than the normal toys. Also, in the meanwhile, the company is going to lose its Walt Disney Co’s Frozen dolls license to Hasbro Inc. in the upcoming year.
Sinclair said in the statement,
“The Board and management team are focused on achieving a rapid turnaround at Mattel and we have a clear game plan for what needs to be addressed, This Company has a powerful portfolio of global lifestyle brands with untapped IP potential, extraordinary toy design and development expertise and unmatched global sales and supply chain capabilities. By moving quickly to reduce bureaucracy that has slowed decision-making and diffused accountability, we are already beginning to benefit from greater energy and focus throughout the Company.”
The company shares fell 1.9 percent, and the stock has been declining over 44 percent in the past year, and last year, the share fell to 7.1 percent to $6.02 billion.
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