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Mattel is getting a new CEO: The toymaker and media company announced that Roger Lynch, who’s been chief exec of Condé Nast for more than seven years, will become its next CEO.
Lynch will become chairman of Mattel effective
Oct. 2 and will assume the role of CEO “effective on or before” Nov. 2. He succeeds Ynon Kreiz, who will step down as chairman and CEO effective Oct. 2, “to take a senior leadership position at another public company,” according to Mattel.
Lynch has served as CEO of Condé Nast since 2019, leading the publishing and media company through a period of major disruption. That has included multiple rounds of layoffs; shutdown of print editions of magazines including Self and Teen Vogue; and folding music site Pitchfork into GQ.
“Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends,” Mattel board member Judy Olian, who has led the succession process, said in a statement. “Throughout his service on the board, Roger has been an invaluable contributor to shaping the company’s direction in the midst of its expansion into entertainment and digital products.”
Regarding Kreiz, Olian commented, “The board is most grateful for Ynon’s eight years of transformational leadership, and wishes him every success in his new role. Ynon leaves an invaluable legacy of transitioning Mattel from a toy manufacturer to a leading IP-driven play and family entertainment company. Knowing Roger as we do, we are confident that he and the talented Mattel team will build on that powerful foundation, and continue to advance our strategy to leverage our iconic brand portfolio.”
Mattel credited Kreiz with boosting its market share across key toy categories, ranking No. 1 globally in dolls, vehicles, and infant, toddler and preschool segments. Under Kreiz, Mattel also has won new or renewed entertainment licenses, including Disney Princess and Frozen, Teenage Mutant Ninja Turtles, Toy Story, KPop Demon Hunters and DC.
Mattel also pointed to Mattel Studios’ first theatrical release, “Barbie,” which was the top global box office film of 2023 and has stood as Warner Bros. Pictures’ highest-grossing movie of all time.
Lynch said: “I am honored by the board’s confidence in me and couldn’t be more excited to lead the incredible team at Mattel. Throughout my years on the board, I have admired Mattel’s brands, its talented people, and unique culture. I am especially grateful to Ynon for his many years of outstanding leadership and service to the company. During his tenure, Mattel has leveraged the power of its world-class brands, attracted exceptional entertainment partners, and strengthened its balance sheet. The company is well positioned for its next phase of profitable growth and its exciting new chapter.”
Kreiz said: “It has been a privilege to lead Mattel, with a global team dedicated to its mission and purpose, and I am proud of all we have achieved together. Mattel is in a position of strength, with a world-class brand portfolio, product offering, and global capabilities. I am grateful to the board, management team, and entire Mattel organization for their commitment and collaboration during the past eight years, and I have every confidence the company will continue to thrive under Roger’s leadership.”
Lynch will continue to serve on Condé Nast’s board. With his departure as CEO, the company announced that Mike Perlis, current lead independent director of the board of directors, will step in as interim CEO. Steven Newhouse, co-president of Advance Publications (parent of Condé Nast), said in a statement: “Roger built a great team and positioned the business well for what comes next. With Mike stepping in alongside that team, we expect a seamless transition and look forward to building on the progress Roger has made.”
Here is the memo Lynch sent Wednesday morning to Condé Nast staffers announcing his exit:
Dear all,
I’m writing with bittersweet news. After seven and a half years as your CEO, I have made the very difficult decision to step down and help begin a leadership transition for the company. Soon, I’ll be joining Mattel as their new CEO.
When I joined Condé Nast, I had the simple ambition to leave this extraordinary place stronger than I found it. Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year. And yet, there is no doubt that we transformed Condé Nast for a new era. We brought our global businesses together, built a unified company, and strengthened our journalism and creative work. One of the big areas of opportunity I saw when I joined the company was to expand our consumer and events businesses. Those of you who have been with Condé Nast for these last seven years have heard me talk about this focus many times. I’m particularly proud of how far we’ve come in these areas: since 2020, revenue from commerce grew by 170%, digital subscriptions by 155%, and US tentpole events increased ninefold.
Through all of it, what has remained constant is the exceptional work produced and the brilliant team that has made it possible. I’ve never been more inspired in my career than when I’ve been with you. One particular highlight was starting our Middle East operations in Dubai, our first new office in 16 years. As we close the third quarter, the company is on track for another year of revenue and profit growth. New initiatives around digital products like Vette and events like Vogue World will fuel continued success. I intend to do everything I can to ensure that trajectory continues. In fact, I’m thrilled that I will continue in a role as a member of the Condé Nast Board of Directors and remain deeply invested in the company and its future.
The board will begin a search for Condé Nast’s next CEO, and in the meantime, Mike Perlis, our lead independent director, will serve as interim CEO. Having served on our board for almost eight years, he is deeply familiar with our business and will work closely with our experienced executive leadership team throughout the transition. With the strength of that leadership and our deeply committed teams around the world, I’m confident the company will continue to thrive.
We will soon hold a company meeting where you’ll have the opportunity to meet Mike and hear more about the transition. For now, I simply want to say how grateful I am. I could not be more proud of what we have accomplished. I have every confidence in your ability to continue building on the foundation we have created together.
My best,
Roger
