Sept 30 (Reuters) – Mattel said on Wednesday longtime CEO Ynon Kreiz would leave the toymaker for a senior leadership position at another public company and hand the reins to board member Roger Lynch.
Kreiz, who has been CEO since 2018, led Mattel’s push to diversify beyond its traditional toy business into entertainment and digital gaming, while recently drawing scrutiny from investors including Southeastern Asset Management.
Shares of the Barbie doll and Hot Wheels maker were down about 3% in premarket trading.
The leadership change comes after investor Southeastern Asset Management’s call for Mattel to explore strategic options, including being taken private or bought out by rival Hasbro earlier this year.
Lynch, who has served on Mattel’s board since 2018, is currently the CEO of New Yorker-owner Condé Nast. He is expected to assume the top job by November 2 this year.
Kreiz did not immediately respond to a Reuters request for comment on his next role.
Mattel topped analysts’ estimates for second-quarter revenue and reaffirmed its annual forecasts last month, but tariff-related costs and investments to boost sales caused profit to fall short of expectations.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Tasim Zahid and Sriraj Kalluvila)
