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Mattel (MAT) shares fell 3% to 5% after CEO Ynon Kreiz said he is leaving for Paramount Skydance, with Condé Nast chief Roger Lynch named as his successor.
- Mattel shares dropped roughly 3% to 5% on news that CEO Ynon Kreiz is departing for Paramount Skydance.
- Condé Nast CEO Roger Lynch, a Mattel director since 2018, becomes chairman and then CEO.
- Mattel stock is down roughly 35% this year amid tariff costs and activist pressure.
Lead
Mattel (NASDAQ: MAT) fell between 3% and 5% on Wednesday, September 30, 2026, after the toymaker said Chief Executive Ynon Kreiz is leaving to take a senior role at Paramount Skydance (NASDAQ: PSKY). The board named Roger Lynch, chief executive of Condé Nast, to succeed him. Kreiz had led the maker of Barbie and Hot Wheels since 2018. The handover comes weeks before the holiday selling season, which accounts for a large share of annual toy revenue.What Is the Succession Timeline at Mattel?
Lynch becomes Mattel chairman on October 2 and takes over as chief executive on or before November 2. He has served on the company's board since 2018 and is currently its lead independent director. That continuity gives the board an insider who knows the company's strategy, which is built around expanding its intellectual property beyond toys into film, television and licensing.
Lynch has run Condé Nast since 2019. During that period the publisher managed declines in print readership and advertising and the disruption of the pandemic. Mike Perlis will serve as interim CEO of Condé Nast while its board searches for a permanent successor.
Why Did Mattel Shares Fall?
Mattel shares fell because investors priced in leadership uncertainty at a difficult moment for the company. Kreiz is widely credited with reviving the Barbie brand and building a studio operation that produced the 2023 "Barbie" film, one of the year's highest-grossing releases. His departure removes the executive most closely associated with that turnaround.
The stock has lost roughly 35% of its value this year. Tariff-related costs have pressured margins across the toy industry, which relies heavily on Asian manufacturing. Activist investor Southeastern Asset Management has also pressed the company. A change at the top ahead of the peak season adds execution risk to a year already marked by weak sentiment.
What Is Kreiz's Role at Paramount Skydance?
Kreiz is set to take a senior position under Paramount Skydance CEO David Ellison. The exact title and scope of the role have not been finalized. The move continues Ellison's effort to bring in experienced media and brand executives as the company reshapes its leadership.
For Kreiz, the job is a return to entertainment. Before Mattel he led Maker Studios and Endemol Shine Group, and his tenure at the toymaker leaned heavily on film and content development.
What Comes Next for Mattel?
The near-term test for Lynch is the holiday quarter. Investors will look for signals on Barbie sales trends, tariff mitigation and the pipeline of films tied to Mattel brands. The board's choice of a director over an outside candidate suggests the existing strategy will stay in place, though Lynch's background in publishing and media gives him experience in managing legacy brands through structural change.
Outlook
Mattel enters the leadership transition with a depressed share price, tariff headwinds and an activist on its register. Lynch's appointment offers continuity, but the company must show that the franchise-led strategy can continue without the executive who built it. Condé Nast and Paramount Skydance each face their own transitions as well.
Mentioned tickers: MAT, PSKY
