Mattel Inc (NASDAQ:MAT) shares fell 3% in pre-market trading on Wednesday after the toy company announced that Chief Executive Officer Ynon Kreiz will step down to take a senior leadership position at another publicly traded company.
Mattel appointed long-standing board member and Independent Lead Director Roger Lynch as Chairman and Chief Executive Officer.
Lynch currently serves as CEO of global media company Condé Nast and will become Mattel’s Chairman on October 2, 2026. He is expected to assume executive leadership on or before November 2, 2026.
Board Completes CEO Succession Process
Mattel said the leadership transition followed a comprehensive succession planning process led by board member Judy Olian.
As part of the changes, current director Diana Ferguson has been appointed Independent Lead Director, succeeding Lynch in that board role.
Kreiz is leaving after eight years as Mattel’s CEO.
During his tenure, the company expanded its strategy beyond its traditional toy operations towards greater use of its intellectual property across entertainment and other formats.
Mattel also regained entertainment licences including Disney Princess and produced the Barbie film, which recorded substantial global box-office revenue in 2023.
Lynch Brings Media and Technology Experience
Lynch has experience across media, technology and consumer businesses.
In addition to his current position at Condé Nast, he previously served as CEO of Pandora and was the founding CEO of Sling TV.
His appointment comes as Mattel continues to expand the use of its intellectual property across digital gaming, film and television.
The company has been developing its digital gaming operations, including through its full ownership of mobile game developer Mattel163, while also expanding its film and television pipeline.
Mattel Enters Leadership Transition With Investment-Grade Credit Profile
Mattel enters the executive transition with an investment-grade credit profile and a balance sheet that has strengthened during Kreiz’s tenure.
The appointment places Lynch in charge of the company’s existing toy operations as well as its strategy of extending Mattel’s intellectual property into digital gaming and other entertainment formats.
Mattel shares declined 3% in pre-market trading following the announcement of Kreiz’s departure and Lynch’s appointment.
Mattel stock price
