Mattel boss forced out.
Her departure comes as the Barbie company, based in El Segundo, California, reported a steep loss for the fourth quarter, disappointing Wall Street analysts for the third time in the past four quarters.
Ms Barad, one of the highest-ranking women in business, was under intense pressure from investors and Mattel's board of directors to explain big losses at the company's newly-acquired Learning Company software division and other troubles at Mattel.
With her resignation, the board of directors will take charge of the company to oversee operations and search for a new chief executive. The board appointed two of its own members to leadership roles - William Rollnick as acting chairman and Ronald Loeb as acting chief executive officer.
For the quarter ended December 31, Mattel reported a net loss of pounds 11.5 million, compared with profits of pounds 54.2 million in the same period a year ago.
Ms Barad joined Mattel in 1981 as a product manager in the novelty toy unit and took the helm in 1997 and helped to make Mattel the dominant toymaker in the world.