After 11 years with the company, Mattel CEO Robert Eckert is retiring from his position, leaving Bryan Stockton to take the reins as his successor.

Stockton, who has held the position of COO for the last year, will assume his new position on January 1, 2012. Eckert has agreed to continue in his role as Chairman of the Board, and the Board has elected Stockton as a member also effective January 1.

Under Eckert’s watch, the world’s largest toy company generated US$8.2 billion in cash last year and has continued to see steady profit growth throughout 2011, largely attributable to franchises like Cars 2, Barbie and the relatively new Monster High.

Stockton says he is poised to extend the company’s vision of going from toy to play and from product management to franchise management. He has held responsibility for the day-to-day operations of the Mattel Brands, Fisher-Price, American Girl business units as well as for the North American and International divisions. Under Stockton’s management, International increased its total contribution to Mattel’s annual sales from 36% to current levels of almost 50% of the company’s sales.