Mattel Chairman To Retire
EL SEGUNDO, Calif. (AP) -- Mattel Inc. said Friday that its chairman, Robert Eckert, plans to retire at the end of the year, ending a 12-year career with the toy maker.
CEO Bryan Stockton, who had replaced Eckert as CEO in January 2012, will add the chairman title effective Jan. 1, 2013.
Eckert, 59, said he will also leave as a director effective Dec 31. He joined Mattel as chairman and CEO in May 2000 from Kraft Foods. Inc.
Stockton is 58. Before he became CEO, he was chief operating officer at the El Segundo, Calif.-based company.
Mattel makes toys such as Barbie dolls and Hot Wheels cars. The news comes as the crucial holiday season, which can account for up to 40 percent of a toy maker's annual sales.
Shares fell 22 cents to $34.90 in late morning trading. Its shares are down 8 percent from a 52-week high of $37.96 on mid-October. They traded as low as $27.13 six days before last Christmas.