The Shakeup
Big news in the C-suite: Mattel is getting a new boss. Roger Lynch, who has been chilling on the Mattel board since 2018, is stepping up as the new CEO and chairman. He’s leaving his current gig as the CEO of Condé Nast to take the wheel. The transition is coming in hot: Lynch officially takes over as chairman on Oct. 2, and he’ll be fully in the CEO seat by Nov. 2.
Mike Perlis is jumping into the interim CEO spot at Condé Nast while they look for a permanent replacement.
The Exit
Ynon Kreiz is bowing out after eight years at the helm. He’s heading over to serve as co-CEO of the freshly merging media giant—the combo of Paramount Skydance and Warner Bros. Discovery—working alongside current Paramount CEO and chairman David Ellison. This move comes right after Paramount cleared a major hurdle by settling an antitrust lawsuit from state attorneys general that was lowkey trying to block the whole deal.
The Legacy
Kreiz definitely leaves with a W on his record. He’s the one who steered the ship during the "Barbie" phenomenon, which totally ate and became the highest-grossing domestic film of 2023. Under his watch, the company doubled down on strengthening iconic brands like Hot Wheels and made moves to level up in the digital gaming space, including taking full control of its Mattel163 Mobile Games Studio earlier this year.
Why it matters
For investors and the casual fan alike, this is a major pivot. Mattel is trying to prove it can keep the momentum going without the guy who turned Barbie into a cultural juggernaut. With the gaming sector being a huge revenue stream for competitors like Hasbro, Lynch’s ability to keep that digital expansion on track is going to be the real test. Watch this space to see if the stock keeps its energy up.
