Mattel Inc.’s board of directors has started to work on a CEO transition, The Wall Street Journal reported late Wednesday, citing sources familiar with the matter. The toy maker hired search firm Spencer Stuart this summer to help identify an external or internal successor to CEO Christopher Sinclair, the report said. Sinclair, who took over in January 2015, has said he plans to see the company through a complete turnaround effort. Shares of Mattel fell 2.6% late Wednesday after ending the regular trading day down 0.4%.
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