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(Sharecast News) - The long-serving chief executive of Barbie-owner Mattel is stepping down, it was confirmed on Wednesday, to be replaced by Conde Nast head Roger Lynch.
Ynon Kreiz has held the role of chief executive and chair since 2018, when he joined following a career working in television. He is widely credited for overhauling the toy giant - which also owns Hot Wheels, Fischer-Price and Uno, among many others - culminating in the collaboration with the blockbuster film Barbie in 2023. It is now ranked number one globally in dolls, vehicles and in infant, toddler and pre-school, and partners with a wide range of entertainment companies.
However, the share price has failed to keep pace, and has lost around a third of its value over the last five years. It is also facing a spike in tariff-related costs.
Kreiz will be replaced by Lynch, who has served on Mattel's board since 2018 and as chief executive of the Vogue-owner from 2019, from 2 October. Conde Nast has named board member Mike Perlis as interim chief executive.
Kreiz, who is leaving to take up a senior leadership role at another, as yet unspecified, public company, said: "It has been a privilege to lead Mattel...and I am proud of all we have achieved. Mattel is in a position of strength, with a world-class brand portfolio, product offering and global capabilities."
Lynch said: "During [Kreiz's] 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."
As at 1630 BST, Mattel's New York-listed stock was down 5%.
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