Barbie-maker Mattel CEO out as sales falter

NEW YORK (CNNMoney)

After reporting declining sales and profits, Barbie-maker Mattel's CEO Bryan Stockton is stepping down.

Stockton will be replaced by Christopher Sinclair, a long-time board member and former Pepsi (PEP) executive, the company said Monday.

Mattel (MAT) also released fourth-quarter results ahead of schedule. Sales fell 6% to $1.99 billion during the quarter, which included the crucial holiday sales period.

First Published: January 26, 2015: 9:50 AM ET

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