Mattel Inc. has named chairman Christopher Sinclair its permanent chief executive officer as the world's largest toy maker seeks to bounce back from a sales slump.
Sinclair, a Mattel board member since 1996, had been serving as interim CEO since the company ousted Bryan Stockton in January. Sinclair, previously a PepsiCo Inc. executive and CEO of Caribiner International Inc. and Quality Food Inc., will remain chairman of Mattel, according to a statement Thursday.
Mattel has been struggling with sluggish sales of Barbie and Fisher-Price, hurt by kids spending more time playing on electronic devices. In another blow, the company is losing its license for Walt Disney Co.'s Frozen dolls to Hasbro Inc. in 2016.
"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," Sinclair said in the statement.
Mattel, based in El Segundo, Calif., also promoted Richard Dickson to chief operating officer and president, from chief brands officer.
Mattel fell 3 per cent to $22.39 at 3:16 p.m. in New York. The shares have declined more than 40 per cent in the past year.