Mattel CEO Robert Eckert to be replaced by COO Bryan Stockton
Eckert, 57, has served as CEO of the El Segundo company for 11 years and will stay on as chairman of the board. His replacement, Stockton, 58, will take over Jan 1.
"We're delighted to have an experienced and proven leader like [Stockton] assume the CEO position," said Christopher Sinclair, independent presiding director for Mattel, in a statement. "He's been a key architect behind Mattel's rapid international growth and has also helped shape many of the company's recent growth initiatives."
For the last year, Stockton has been in charge of the daily operations of Mattel, including its various brands such as Fisher-Price and American Girl. He joined the company in 2000 as the executive vice president of business planning and development.
Prior to assuming the role of chairman and chief executive in 2000, Eckert worked at packaged foods company Kraft Foods Inc.
Mattel, the largest American toy company, reported last month that its third-quarter profit rose $283.3 million, or 77 cents per share, a 23% bump from $229.8 million, or 63 cents a share, in the same period a year earlier.
Shares dropped 63 cents, or 2.2%, to $27.76 on Monday.
-- Shan Li
Photo: A customer looks at dolls from Mattel inside Gregory's Toys in the Encino area of Los Angeles. Credit: Stefano Paltera / Associated Press