This cannot be good news for Mattel, especially immediately before the largest industry event of the year. After absolutely disastrous holiday sales, which saw sales drop a whopping 59% compared to the 2013 Holiday season, Mattel CEO Bryan Stockton has immediately resigned from the company. The Wall Street Journal has a good write up of the news, but this is a telling snippet:
Mr. Stockton took the CEO job three years ago and has presided over a long run of weak results. People inside the company and at customers attributed the slide to a growing focus on the numbers and overseas expansion at the expense of the company’s creative side. The company’s executives became entangled in a culture that valued endless meetings and long PowerPoint presentations. Meanwhile, smaller competitors like VTech Holdings Ltd. were taking shelf space and Lego A/S was challenging Mattel’s position as the largest toy company.
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