Mattel Inc. said Monday that Chief Executive Bryan Stockton has resigned after three years in the top executive post, as the struggling toy company also posted disappointing preliminary results for its fourth quarter. Christopher A. Sinclair, who has served on the toy company's board since 1996, has been named chairman and interim chief executive. "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," Mr. Sinclair said in a news release. Mr. Sinclair said Mattel would be working over the coming months to revitalize its business and to "identify the right leadership for Mattel." The leadership shuffle came as Mattel posted a preliminary profit in its fourth quarter of 44 cents a share. Sales fell 6% to $1.99 billion. Wall Street had expected 88 cents a share in earnings and $2.14 billion in sales, according to FactSet. Mattel has struggled in recent quarters as its Barbie doll has fallen out of style. Sales of the iconic fashion doll fell a staggering 21% in the third quarter, contributing to a 22% drop in profits and an 8% decline in sales for the toy maker. marketwatch