Mattel Resignation

Mattel CEO Jill Barad has resigned after failing to stem the fall of sales and profits. Barad announced her resignation after Mattel announced its fourth quarter losses. The company posted a net loss of $18.4 million on sales of $1.77 billion. Mattel had a net profit of $86.7 million on sales of $1.82 billion in the same period last year. Barad took the top job at Mattel in 1997, and oversaw Mattel's struggle with last years $3.5 billion acquisition of the Learning Company. Mattel board members William Rollnick and Ronald Loeb will take on the roles of acting chairman and acting chief executive while the company searches for the new CEO.