Bryan G. Stockton has resigned as chairman and chief executive officer of Mattel, and Christopher A. Sinclair has been named as the toymaker's new chairman and interim CEO, effective immediately. Stockton has also resigned from the company's board of directors.

The move came as the company unveiled disappointing 2014 performance numbers. For 2014, Mattel reported net income of $498.9 million compared to $903.9 million in 2013, and worldwide net sales were down 7 percent ($6.02 billion from $6.48 billion last year).

Stockton's resignation follows the promotion of Richard Dickson and Tim Kilpin, earlier this month to president, chief brands officer, and president, chief commercial officer, respectively.

"Mattel is an exceptional company with a great future but the board believes that it is the right time for new leadership to maximize its potential," says Sinclair. "We are committed to delivering improved growth and financial performance and remain confident in our ability to leverage our unmatched portfolio of brands, global scale and strong balance sheet as we execute on our strategic plan. I look forward to engaging with the entire Mattel community as we work to deepen our connections with children and parents through expanded product innovation and improved retail execution. We will be working during the coming months to revitalize the business and to identify the right leadership for Mattel as it enters its next phase of growth and value creation."

Sinclair, who has served as a member of Mattel's board of directors since 1996 and as an independent lead director since 2011, has held leadership roles at prominent venture capital and private equity firms previously. He also served as chairman and chief executive officer of Caribiner from 1999-2000, president and CEO of Quality Food from 1996-1998, and prior to that served in senior roles at PepsiCo.