With sales spiraling downward for the past three years, Mattel removes CEO Bryan Stockton and is replacing him with PepsiCo executive Christopher Sinclair in the interim.
In the past three months, sales are down 59 percent to $149.9 million. This is after suffering a less profitable than usual holiday season. Unfortunately for Mattel, Barbie just isn’t as popular as she used to be. This holiday season, it wasn’t Barbie on most kids’ wish lists, it was “Frozen” toys. According to a holiday survey conducted by The National Retail Federation, 20 percent of parents planned on buying their child a “Frozen” toy for the holidays while only 16.8 percent planned on purchasing a Barbie to put under the tree. Mattel also owns the American Girl and Monster High doll lines, but the sales from these have not been enough to make up for the low Barbie sales.
So far Mattel has not released an official statement on Stockton’s departure, nor has be released a statement of his own.
Mattel CEO forced out due to low Barbie sales
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