Mattel

(MAT) - Get Report

, the beleaguered toy maker, said Friday its president, Ned Mansour, had resigned, leaving a management void following a recent string of departures including that of its chief executive, Jill Barad.

A Mattel spokesman, Glenn Bozarth, said Mansour, 51, had decided to resign after 21 years with the El Segundo, Calif.-based company in order to spend more time with his family. Mansour's resignation will take effect at the end of the month.

"It was his decision to resign," Bozarth said.

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Ron Loeb, the acting chief executive, and Kevin Farr, the chief financial officer, will temporarily take over Mansour's responsibilities. Bozarth said an active search was under way to find a permanent replacement for Barad, but he added that the company has not yet determined how it would fill Mansour's spot.

Barad resigned in February as chairman and chief executive after failing to turn around weak sales and profits at the world's largest toy maker. In February, Harry Pearce resigned as chief financial officer.

His resignation followed the departure of Kevin O'Leary and Michael Perrik, two senior Mattel executives and the founders of the

Learning Tree

, the Mattel subsidiary which posted disappointing losses.

Mattel's share price which has fallen sharply over the last year has languished at about 10 since Barad's departure. Mattel closed flat at 10 1/2.