Mattel has appointed Roger Lynch as its new CEO and chairman, effective October 2 for the chairmanship and November 2 for the CEO position. Lynch has served on Mattel’s board since 2018 and is currently the CEO of Condé Nast, a role he has held since 2019. Condé Nast plans to appoint Mike Perlis as Lynch’s interim CEO while initiating a search for a permanent successor. Lynch expressed enthusiasm about leading Mattel, praising the company’s iconic brands and culture.

Lynch steps into his leadership role as Ynon Kreiz departs after more than eight years at Mattel’s helm. Kreiz will transition to become co-CEO of the upcoming merger between Paramount Skydance and Warner Bros. Discovery. He will share this position with Paramount CEO and chairman David Ellison. This move comes shortly after the merger overcame regulatory hurdles with a recent antitrust settlement, marking a significant shift in entertainment industry leadership.

During his tenure, Kreiz guided Mattel through pivotal transformations, including the blockbuster release of the Barbie movie, which became 2023’s highest-grossing domestic film. Under his leadership, Mattel has strengthened its global brand portfolio and expanded its capabilities. Kreiz reflected positively on his time at Mattel, highlighting the company’s strong market position and innovative product offerings.

Mattel continues to build on its legacy by focusing on key franchises like Hot Wheels and pursuing growth in digital gaming to compete with rivals such as Hasbro. Earlier this year, it fully acquired Mattel163 Mobile Games Studio to boost its presence in the digital space. Following the leadership announcement, Mattel’s shares closed down 4% on Wednesday, reflecting market reactions to the transition.