Mattel Names Christopher Sinclair Permanent CEO

(RTTNews) - Toy make Mattel Inc (MAT) on Thursday said it has appointed Christopher Sinclair as permanent chief executive officer, effective immediately. Sinclair, who has been serving as the company's interim CEO since January, also will continue as Mattel's chairman.

Christopher Sinclair has served on Mattel's board since 1996 and served as independent lead director and chair of the Audit Committee and Executive Committee from 2011 to January 2015.

Among his previous executive roles in other companies, Sinclair had served as president and CEO of PepsiCo Foods and Beverages International and CEO of Pepsi-Cola International.

In January, Sinclair was named interim CEO and chairman of Mattel after the resignation of Bryan Stockton.

Sinclair is faced with the task of reviving growth at Mattel, which is facing stiff competition and has seen sales and profit declines. In January, Mattel said its fourth-quarter profit more than halved, hurt by weakness at most brands, with Barbie sales dropping 12 percent.

Also today, Mattel said it has appointed Richard Dickson to the expanded role of president and chief operating officer, and would have responsibility for all brands and commercial operations.

Dickson has served as president, chief brands officer since January after rejoining the company in May 2014. He had worked at Mattel from 2000 to 2010 when he left to become president and CEO of The Jones Group Inc's branded businesses.

Mattel also announced the appointment of Michael Dolan as independent lead director.

MAT is trading at $22.46, down $0.62 or 2.69%, on a volume of 3.8 million shares on the Nasdaq.