Mattel Inc. is making all the possible efforts to bounce back from a sales slump. It has lately announced Chairman Christopher Sinclair as its permanent chief executive officer.

Since 1996, Sinclair has been Mattel board member. He is also serving as interim CEO of the company since the time Bryan Stockton was ousted in January. Earlier, Sinclair was working as a PepsiCo Inc. executive and CEO of Caribiner International Inc. and Quality Food Inc.

The world’s largest toymaker has been facing sluggish sales of Barbie and Fisher-Price, as children spend more time now playing electronic devices. Another major loss to the company is losing the license for Walt Disney Co.’s Frozen dolls to Hasbro Inc. in 2016.

In 2014, the company was shadowed by Lego as the world's biggest toymaker by revenues. The shares of the company have declined 1.9% to $22.65 and in the last year, the stock has declined 44%. “The Board and management team are focused on achieving a rapid turnaround at Mattel and we have a clear game plan for what needs to be addressed”, affirmed Sinclair.

Sinclair said that they are taking steps to reduce bureaucracy, as it slowed the decision making process. With this, it has already started benefitting from greater energy and focus on the company.

There is no doubt that they have many challenges to face and there is lot of work to do, but Sinclair has complete confidence that with a new management team they will be able to grab growth opportunities and perform better for the customers and reward their shareholders.