Galoob Resigns Toy Firm

David Galoob resigned Friday as head of money-losing Lewis Galoob Toys Inc., the company his parents founded and which he took over at age 21, when his father died.

Analysts say Galoob was asked to step down as chairman, president and chief executive because of differences with the company’s board. His resignation was announced at its annual meeting in South San Francisco.

The board elected Mark Goldman to take Galoob’s place as president and chief executive of the company, which has about 275 employees worldwide.

Neither the firm nor Galoob would reveal the story behind his leaving the company that Lewis and Barbara Galoob began in 1957 as a San Francisco storefront with six workers. He also resigned from the board.

Galoob, 41, will remain as a creative consultant to the toy company for another year.

Goldman, 40, formerly executive vice president and chief operating officer, joined Galoob in 1987. He previously was an executive with El Segundo-based Mattel Inc. and with Ages Entertainment Software, a Paramount company.