Barad Steps Down at Mattel, Firm Falls Short of Street Estimates

Updated from 5:19 p.m. EST

Jill Barad, the embattled chairman and chief executive of Mattel(MAT Quote), resigned Thursday after failing to turn around the weak sales and profits of the world's largest toymaker.

Mattel also shocked Wall Street by reporting steep losses for its fourth quarter in contrast to the earnings that analysts had expected.

The news sent Mattel's shares reeling in after-hours trading Thursday, falling 1 1/4, or 10.5%, to 10 11/16. Before the announcement, made after the 4 p.m. EST market close, Mattel's shares had finished regular trading up 1/8, or 1%, at 11 15/16. ...