-- Bryan G. Stockton Named as Successor and Appointed to Board Effective
January 1, 2012 --
EL SEGUNDO, Calif.--(BUSINESS WIRE)--
Mattel, Inc. (NASDAQ: MAT), the world's largest toy company, today
announced that Robert A. Eckert, 57, has informed the Board of Directors
of his decision to retire as chief executive officer, after 11 years
with the Company, effective December 31, 2011. The Board has named Bryan
G. Stockton, 58, who has held the position of chief operating officer
for the last year, to succeed Mr. Eckert as CEO, effective January 1,
2012. Mr. Eckert has agreed to continue in his role as Chairman of the
Board, and the Board has elected Mr. Stockton as a member of the Board,
effective January 1, 2012.
Bryan G. Stockton, Mattel's Newly Appointed CEO (Photo: Business Wire)
"The Board respects Bob's decision to step back at this time, and wants
to recognize the superb job he's done the past 11 years in building a
high performance culture at Mattel and delivering truly superior
shareholder returns. He leaves behind a remarkable legacy of integrity
and success," said Christopher A. Sinclair, independent presiding
director for Mattel. "We're also grateful that Bob has agreed to serve
as non-executive Chairman and support Bryan in a seamless transition.
Finally, we are delighted to have an experienced and proven leader like
Bryan assume the CEO position. He's been a key architect behind Mattel's
rapid international growth and has also helped to shape many of the
Company's recent growth initiatives. We're confident that he'll build on
Bob's record of innovation and success."
In May 2000, Mr. Eckert joined Mattel as chairman and chief executive
officer from Kraft Foods, Inc., the largest U.S.-based packaged food
company in the world. Under his leadership of disciplined financial
focus, Mattel delivered against its long-term performance targets of
delivering growth, building operating margins, and generating and
deploying significant cash flow. Through year-end 2010, the company
generated $8.2 billion in cash which was used to strengthen the balance
sheet and return about $4.6 billion to shareholders in the form of
dividends and share repurchases.
"Simply stated, I have loved working at Mattel, and it has been my
privilege to work alongside the most talented and dedicated people in
the toy business. Our employees have built this company into what it is
today. While my decision to retire has not been an easy one, I am
confident that we have the momentum in the marketplace and the
leadership in place to take the company to the next level," said Mr.
Eckert. "Bryan has a proven track record as not only a great operational
leader, but also as a seasoned strategist. Under Bryan's leadership, I
am confident that the company will realize its strategic vision to truly
create the future of play."
"I want to thank the Board and Bob for this incredible opportunity to
advance the Mattel legacy. And on behalf of the 30,000 employees of
Mattel, I want to thank Bob for his 11 years of leadership marked by
financial discipline, global expansion and a commitment to employee
development," said Mr. Stockton. "As we move forward today, we remain
focused on four keys to delivering success: developing strategies to
grow our business; optimizing our structure to move forward; developing
our people; and creating an innovative culture. This is an exciting time
to be working at Mattel, as we evolve the company from toy to play; from
product management to franchise management, and from worldwide leader to
a global leader."
For the past year, Mr. Stockton has served as chief operating officer
with responsibility for the day-to-day operations of the company,
including its business units: Mattel Brands, Fisher-Price, American
Girl, and the North American and International divisions, as well as
responsibility for the Operations and Corporate Responsibility
functions. Mr. Stockton joined Mattel in November 2000 as executive vice
president of Business Planning and Development, and was responsible for
identifying and developing strategic opportunities for the company, as
well as managing all merger and acquisition activity. He gained
responsibility for International in 2003, where he began driving the
record-breaking performance of Mattel's business outside the U.S.,
including sales and marketing for Barbie®, Hot Wheels® and
Fisher-Price®. He was promoted to president of International in 2007.
Under Mr. Stockton's management, International increased its total
contribution to Mattel's annual sales from 36 percent to current levels
of almost 50 percent of the company's sales.
As the worldwide leader in play, the Mattel
family comprises such best-selling brands as Barbie®,
the most popular fashion doll ever introduced, Hot
Girl® and Fisher
Price® brands, which includes Little
Wheels® and a wide array of entertainment-inspired toy lines.
In 2011, Mattel was named as one of FORTUNE Magazine's "100
Best Companies to Work For" for the fourth year in a row, and
was also ranked among Corporate Responsibility Magazine's "100
Best Corporate Citizens." With worldwide headquarters in El
Segundo, Calif., Mattel employs approximately 31,000 people in 43
countries and territories and sells products in more than 150 nations.
At Mattel, we are "Creating the Future of Play." Follow Mattel on www.facebook.com/mattel
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50080042&lang=en
Lisa Marie Bongiovanni, 310-252-3524
Drew Vollero, 310-252-2703
Source: Mattel, Inc.
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