Mattel has a new boss, and he is coming from the other side of publishing. Roger Lynch, CEO of Condé Nast, will become chairman of Mattel effective Oct. 2 and assume the role of CEO “effective on or before” Nov. 2, according to the company. He replaces Ynon Kreiz, who is stepping down as chairman and CEO effective Oct. 2 to take a senior leadership position at another public company.
Lynch has run Condé Nast since 2019. Kreiz leaves after eight years at the helm. The move hands Mattel a leader with deep experience in media and entertainment, even as Condé Nast faces its own transition.
Lynch’s Path to Mattel
Lynch’s arrival at Mattel follows a familiar pattern in modern corporate leadership. He spent years building up Condé Nast’s digital and commerce businesses before being named CEO. Now he moves to a company whose core business is toys, but whose ambitions stretch well beyond them.
The timing is notable. Lynch will chair Mattel starting Oct. 2, then take the CEO seat “on or before” Nov. 2. That leaves a narrow window for the transition to fully unfold.
Kreiz is leaving to take a senior leadership position at another public company. Mattel did not name that company.
Kreiz’s Record at Mattel
Mattel credited Kreiz with boosting market share across multiple categories. The company ranks No. 1 globally in dolls, vehicles, and infant, toddler and preschool segments. Those positions reflect a strategy that emphasized core brands while expanding into new areas.
The company also cited the success of its Studios division. “Barbie,” the studio’s first theatrical release, was the top global box office film of 2023 and stands as Warner Bros. Pictures’ highest-grossing movie of all time.
“Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends.”
That record is part of the case for Kreiz’s departure. His exit comes after eight years of leadership.
The Handoff at Condé Nast
Condé Nast is losing its CEO at a moment of transition. Lynch will remain on the company’s board. Mike Perlis, current lead independent director of Condé Nast’s board, will step in as interim CEO.
Advance Publications’ Steven Newhouse praised the handoff. “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,” Newhouse said in a statement.
Newhouse’s statement carries a clear message: Condé Nast is stable despite the change at the top. Perlis will guide the company through the period until a permanent CEO is named.
What Lynch Brings to Mattel
Lynch’s resume includes significant work in media and entertainment. His time at Condé Nast has been defined by digital expansion and commerce growth. Commerce revenue there grew 170% since 2020, while digital subscriptions grew 155% over the same period.
He also oversaw the launch of new initiatives, including digital products like Vette and events like Vogue World. Those efforts expanded Condé Nast’s reach beyond traditional publishing.
His experience at Condé Nast gives him a broad view of how consumer brands operate in a digital age. Mattel will benefit from that perspective as it navigates a changing retail landscape.
The Board Connection
Lynch’s relationship with Mattel runs deeper than a simple hire. He previously sat on the company’s board, where he helped shape the succession plan that now puts him in the CEO chair.
That history matters for how the transition plays out. A leader who understands the board’s priorities is unlikely to face the kind of friction that can accompany a sudden appointment.
The move also reflects a broader trend in corporate leadership. CEOs increasingly move between industries, bringing skills learned in one sector to another. Lynch’s path from media to toys fits that pattern.
What Comes Next for Condé Nast
Condé Nast is in the middle of a leadership transition. Lynch will remain on the company’s board. Perlis, current lead independent director, will serve as interim CEO.
Advance Publications’ Steven Newhouse has signaled confidence in the process. The seamless transition to Perlis is central to that confidence.
The Barbie Factor
“Barbie” stands as proof of Mattel’s Studios division’s ambition. The film was the top global box office film of 2023 and holds the record for Warner Bros. Pictures’ highest-grossing movie of all time.
That success shows what Mattel can achieve outside its core toy business. Lynch’s background in media and entertainment could help the company build on that foundation.
The division’s first theatrical release set a record for Warner Bros. Pictures. That achievement underscores the scale of Mattel’s ambitions beyond toys.
The Bottom Line
Lynch arrives at Mattel with a proven track record of growth and transformation. His time at Condé Nast has reshaped that company’s business model. Mattel now gets a leader who knows how to build digital audiences and commerce revenue.
Kreiz leaves behind a company that has returned to growth. His successor inherits a strong position in toys and a growing Studios division.
The transition at Condé Nast is still unfolding. Perlis will guide the company through the interim period, and Newhouse has signaled confidence in the process.
Mattel’s new leadership will define the company’s next chapter. The board’s choice to bring Lynch in from the outside signals a commitment to fresh thinking.
The seamless transition at Condé Nast is real. Newhouse’s statement makes that clear. Perlis is capable, and the board has confidence in the process.
Mattel’s future is bright. Lynch brings skills that fit the company’s ambitions. The transition will work, and the company will be stronger for it.
Source material: “Mattel Hires Condé Nast’s Roger Lynch as CEO, Ynon Kreiz to Exit for New Job,” Variety.
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