NEW YORK (AP) — Mattel Inc. said in a regulatory filing that it terminated former CEO Bryan Stockton, which starkly differs from a statement made earlier this year, when the toy maker said he had resigned.
The revelation came as the El Segundo, California-based company disclosed late Thursday that Stockton will receive $125,000 per month for the next year as part of consulting assignment. That comes out to be $1.5 million annually, more than the $1.15 million in salary he was paid in the latest year, which ended Dec. 31, 2014.
Mattel said in the filing with the Securities and Exchange Commission that it "had terminated the executive without cause" and was receiving benefits and payments according to its "involuntary termination clause." According to the plan, severance is to be paid in installments on a bi-weekly basis over two years.
Stockton earned a total of $7.48 million in the year ended Dec. 31, 2014, 20 percent below the $9.39 million in the previous year, according to an AP analysis of compensation. His compensation included a base salary of $1.15 million and stock and option awards that totaled $6.1 million.
Mattel, the maker of Barbie dolls and Hot Wheels cars, named Christopher Sinclair as its permanent CEO on April 2.
Sinclair has been interim CEO since late January, when the company said Stockton "resigned" from the top job as the company reported disappointing fourth-quarter results.
During the important holiday shopping season, Barbie sales fell 12 percent from a year ago, American Girl sales fell 4 percent and Fisher-Price sales fell 11 percent.
Sinclair, 64, has been on Mattel Inc.'s board for about 19 years and was a former executive at PepsiCo Inc. He remains chairman.
The Associated Press formula for executive compensation calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.