Mattel CEO shake-up: Kreiz wins huge Paramount role Oct. 5

Mattel CEO Ynon Kreiz is leaving after eight years to help run the combined Paramount-Warner Bros., and the toy company has tapped board member and Condé Nast chief Roger Lynch to succeed him as chairman and chief executive.

Lynch becomes chairman Oct. 2 and will take over as Mattel CEO on or before Nov. 2, according to License Global. Board member Diana Ferguson becomes independent lead director.

Where Kreiz is headed

Variety first reported, citing two industry sources, that David Ellison was recruiting Kreiz for a senior management role. Mattel itself said only that Kreiz was leaving to take “a senior leadership position at another public company,” Reuters reported.

Paramount made it official Wednesday afternoon. Kreiz will join the company Oct. 5 and serve as co-CEO of the combined company alongside Ellison, The Associated Press reported.

“It has been a privilege to lead Mattel, with a global team dedicated to its mission and purpose,” Kreiz said in Mattel’s announcement.

Kreiz’s track record as Mattel CEO

Kreiz joined Mattel in 2018 and steered the toy maker back into theatrical films. His biggest win was 2023’s “Barbie,” starring Margot Robbie. The film finished as the year’s No. 1 movie at the worldwide box office and remains the biggest release in Warner Bros. Pictures history.

During his tenure as Mattel CEO, the company also claimed the top global spot in several toy categories, including dolls and vehicles, and landed major licenses such as Disney Princess, “Frozen” and “Toy Story.”

Before Mattel, Kreiz led Maker Studios, the YouTube-focused digital content company Disney bought in 2014. He was also chairman and CEO of Endemol Group from 2008 to 2011 and co-founded Fox Kids Europe.

Who is new Mattel CEO Roger Lynch?

Lynch has sat on Mattel’s board since 2018 and has run Condé Nast as CEO since 2019. He previously served as CEO of Pandora, Sling TV, Video Networks International and Chello Broadband. Mike Perlis will serve as interim CEO of Condé Nast during the transition.

“I am honored by the Board’s confidence in me and couldn’t be more excited to lead the incredible team at Mattel,” Lynch said.

The Paramount-Warner Bros. connection

Kreiz’s move is the latest major leadership shift at Paramount as it finalizes the $111 billion merger. Casey Bloys, head of HBO at Warner Bros. Discovery, is poised to oversee the merged company’s streaming operations after Cindy Holland announced her departure from roles running Paramount+ and other direct-to-consumer services.

The deal cleared its last legal hurdle Wednesday, when U.S. District Judge Araceli Martínez-Olguín approved Paramount’s settlement with 12 state attorneys general who had sued to block it. Paramount has said it aims to close the acquisition as soon as early October.

Reporting from Variety and Reuters contributed to this story.