Updated 3 - Mattel appoints Lynch from Condé Nast as CEO, Criez, who led brand revival, departs

Details about Kreiz's tenure were added in paragraphs 4 and 5, and expert commentary was added in paragraph 10.

Neil J Kanatt

Reuters, September 30 - Ynon Kreiz, the long-serving CEO of Mattel, is set to step down after leading a strategic transformation that turned the struggling toymaker into an entertainment company. He will hand over the reins to board member and Condé Nast CEO Roger Lynch.

This leadership change comes ahead of a crucial holiday sales season, as Mattel faces tariff-related cost pressures and activist investor demands amid declines in shareholder value — despite the company’s efforts to build on the massive box office success of the 2023 Barbie movie.

Mattel said on Wednesday that Kreiz, who has led the company since 2018, is leaving to take up a senior management role at another publicly traded company.

He pushed to leverage Mattel’s intellectual property across movies, television, and digital gaming, culminating in the global box office success of the Barbie movie, which drove demand for the toymaker’s related merchandise.

However, during Kreiz’s tenure, Mattel’s stock failed to keep up with the broader market, increasing by only about 5% since he became CEO, while the S&P 500 index .SPX soared by nearly 200% during the same period.

The company, which produces Barbie dolls and Hot Wheels toys, saw its shares drop by about 3% in early trading.

Earlier this year, investor Southeastern Asset Management urged Mattel to explore strategic options (link), including a sale of the company or a merger with rival Hasbro HAS.O.

Lynch, who has served as a Mattel board member since 2018, is expected to officially take over as CEO on November 2. Meanwhile, having served as CEO of Condé Nast for about seven years, the group has appointed board member Mike Perlis as interim CEO.

James Zahn, editor-in-chief of The Toy Book, said: “Roger’s appointment comes at a time when the boundaries between consumer products and media are blurrier than ever, so it makes sense for an experienced media operator to take the helm.”

Last month, Mattel’s second-quarter revenue exceeded (link) expectations, and the company reaffirmed its annual targets, but tariff-related costs and investments to boost sales led to profits missing market expectations.

“Roger is a visionary leader with an outstanding track record of driving global companies to growth at the forefront of changing industry and consumer trends,” said Mattel board member Judy Olian.

Kreiz did not respond to Reuters’ request for comment regarding his future position.

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