Mattel's CEO, Bryan Stockton, was fired on Monday after the company reported a 59 percent drop in profits. Stockton was Mattel's chairman and chief executive for the past three years.
The company's overall earnings have declined, but the drop in Barbie sales has been the most discussed among analysts. In 2009, more than 25 percent of dolls purchased in the U.S. were Barbies, but in 2013, Barbie accounted for only 19.6 percent of doll sales.
Christopher Sinclair, who has served on the Mattel board since 1996, has been named the brand's interim chair and CEO. Sinclair said in a statement that the company needs "new leadership to maximize its potential."
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