El Segundo toymaker Mattel Inc. has named Christopher Sinclair as its new chief executive, the company announced Thursday.
Sinclair, 64, is Mattel’s chairman and a longtime board member. He had been serving as interim chief executive since January, following the resignation of former chief Bryan Stockton.
Sinclair will remain chairman, the company said. Richard Dickson also was appointed president and chief operating officer.
Sinclair said Mattel has recently reduced the bureaucracy that has slowed decision-making at the company.
“While we still have challenges and lots of work to do, I am confident that, with a newly revitalized management team, including talent that we are sourcing from outside Mattel, we can quickly capitalize on growth opportunities and perform better for our customers, delight consumers and reward our shareholders,” he said.
Michael Dolan, who was also just named as Mattel’s independent lead director, said Sinclair has been helping to develop a plan to improve company performance and get Mattel back on track. That will be quickly implemented now that Sinclair has been named chief executive permanently, Dolan said.
The company has seen sales lag lately and had an especially bad holiday season last year. Meanwhile, Mattel’s stock has fallen by more than 40 percent over the past year, and earlier this week saw its market cap slip below that of rival Hasbro Inc.