Mattel Hands Its Toy Box to a Magazine Executive

Mattel is swapping its toy chest for a media Rolodex. The company announced Roger Lynch, the current chief executive of Conde Nast and a Mattel board member since 2018, will take over as chairman on October 2 and as CEO no later than November 2, succeeding Ynon Kreiz, who resigned after eight years in the role to take a senior leadership post at another public company. Jonathan Anschell, Mattel's chief legal officer, will run the toy giant in the interim.

Lynch arrives with a resume built almost entirely outside toy aisles: before Conde Nast, where he has overseen titles including Vogue, The New Yorker, and Vanity Fair since 2019, he was president and CEO of Pandora and the founding CEO of Sling TV under DISH. That is a lot of streaming and subscription muscle for a company that mostly sells Barbie dolls and Hot Wheels cars, and investors seemed unsure what to make of the pairing, sending Mattel shares down more than 4% on the news.

The pay package suggests the board is not hedging: Lynch's offer includes a $2.3 million base salary, a 200% annual target bonus starting in 2027, a $10.6 million signing bonus in cash, and $22 million in equity grants. Kreiz leaves Mattel ranked first globally in dolls, vehicles, and infant and toddler toys, which means Lynch inherits a portfolio leader with a media executive's playbook and the job of proving that playbook translates to plastic.

Source: Yahoo Finance

Kyle Duford, Founder & Editor, BRNDWIRE. More from Kyle →