So much for Mattel ex-CEO resigning. He was fired

Fortune

Well, well, well.

Mattel [fortune-stock symbol= »MAT »] said in a regulatory filing that former Chief Executive Bryan Stockton had been fired, contradicting its January 26 press release in which the toymaker said the executive had resigned.

Stockton’s « employment was terminated, » Mattel said in its annual proxy filing Thursday, noting that the termination was without cause and that he got severance benefits and payments accordingly, under a scenario of “Involuntary Termination. »

Nearly three months ago, Mattel had said Stockton was stepping down after three years as CEO of the company, which has struggled to compete as its Barbie and Fisher-Price struggle with slowing sales in the very competitive toy aisle. The company gave no reason for his departure at the time. But that announcement coincided with a preliminary report from Mattel showing that worldwide sales slid 7% to $6.02 billion for 2014, with profit for the period stung by the sales weakness…

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