Bryan Stockton to replace Robert Eckert as new CEO of Mattel
11 years of leadership
EL SEGUNDO, Calif.—Mattel Inc. Chief Executive Officer Robert A. Eckert will retire on Dec. 31 and be replaced by Chief Operating Officer Bryan G. Stockton, the world’s biggest toymaker announced today.
A statement said Eckert, 57, had informed the Mattel board of his decision to leave the job after 11 years with the company. But he will become non-executive chairman of the board.
Stockton, 58, who has been COO for the past year, has been elected to the board, the statement said.
“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 ...”
Mattel said that through year-end 2010, the company generated $8.2 billion in cash, which it 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,” Eckert said.
Stockton expressed gratitude “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.”
SANTA ANA, Calif.—MGA Entertainment is seeking $440 million in attorneys' fees and damages from Mattel as a result of a federal jury's finding that MGA owns the rights to the Bratz doll line, the founder and head of the company stated.
The amount MGA was seeking had been sealed in court documents, but MGA Chief Executive Officer Isaac Larian confirmed the $440 million figure while talking to reporters about the case during a break in a daylong hearing on damages and Mattel's motion for a new trial.
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Minority business ownership has grown significantly faster than the national average for more than a decade, according to data released by the Census Bureau.
Chicago native Don Thompson is now CEO of McDonald’s, the world’s largest chain of hamburger fast-food restaurants. He recently accepted the position as the former Vice Chairman and CEO Jim Skinner retired after 41 years with the corporation. Prior to this, Thompson had been president and COO of the chain, which has more than 33,000 locations serving approximately 68 million customers in 119 countries each day.
Members of the Los Angeles Urban League and 29 Crenshaw students who are part of the organization’s China Initiative program gathered at a press conference at City Hall regarding their upcoming trip to China. The students will share African American culture with students at Beijing’s Renmin University.
In addition, a brief presentation about the 10-day trip was made during a Los Angeles City Council meeting. Both events occurred on Friday.
The Los Angeles Urban League celebrated its 90th anniversary recently during the 38th Whitney M. Young dinner and among the highlights of the event were recognition of Mattel scholarship winners.
Winners Christian Dixon (first picture) and Jose Rivas (second picture) are congratulated by Urban League and Mattel officials.
