Mattel taps Condé Nast’s Lynch as CEO Kreiz departs
MAT•Mattel CEO Ynon Kreiz is leaving, with board member and Condé Nast CEO Roger Lynch expected to take over by Nov. 2. Kreiz has led Mattel since 2018, and the company said he is moving to a senior leadership role at another public company.
1. Leadership change
Mattel said Kreiz is leaving and handing over the reins to Lynch, who has served on Mattel’s board since 2018. Lynch is expected to assume the top role by Nov. 2; Condé Nast named board member Mike Perlis interim CEO.
2. Kreiz’s tenure
Kreiz led Mattel’s strategy to expand into films, television and digital gaming using its intellectual property, culminating in the global box-office success of the 2023 “Barbie” movie. Mattel’s shares rose about 5% since he became CEO, compared with a nearly 200% gain in the S&P 500 over the same period.
3. Investor pressures
The leadership change comes ahead of the holiday season as Mattel faces tariff-related costs and activist investor pressure following a decline in shareholder value. Last month, the company topped second-quarter revenue estimates and reaffirmed its annual targets, but profit missed market expectations.
