Mattel, Inc. (NASDAQ:MAT) stock is down following CEO Bryan Stockton’s resignation.

The Mattel CEO resigned on Monday after disappointing sales during the holiday season. Sales were down 6% during the the holiday season for 2014 and profits fell 59% when compared to a year earlier. A spokesman for the company said the board decided a change in leadership was needed, reports The Wall Street Journal.

Mattel is currently looking for a new CEO. During this time, board member Christopher Sinclair is acting as the temporary CEO. Included in the list of possible candidates for CEO are Richard Dickson and Tim Kilpin. Both were recently named President of the company and have a long history with it, WSJ notes.

“We will be working during the coming months to revitalize the business and to identify the right leadership for Mattel as it enters its next phase of growth and value creation,” Sinclair told USA Today.

MAT shares were down 4% as of Monday afternoon.

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