Mattel CEO Kreiz to step down, Condé Nast's Lynch named successor
MAT•Mattel said CEO Ynon Kreiz would leave for a senior leadership role at another public company, with board member Roger Lynch expected to take over by November 2. Mattel shares were down about 3% in premarket trading.
1. Leadership change
Kreiz, CEO since 2018, will hand the reins to Lynch, who has served on Mattel's board since 2018 and is currently CEO of Condé Nast. Lynch is expected to assume the top job by November 2 this year.
2. Investor pressure and results
The change follows Southeastern Asset Management's call earlier this year for Mattel to explore strategic options, including a sale or going private. Mattel topped analysts' estimates for second-quarter revenue and reaffirmed its annual forecasts last month, but tariff-related costs and investments to boost sales caused profit to fall short of expectations.
