Mattel chief executive Ynon Kreiz is stepping down after eight years to become co-CEO of the combined Paramount and Warner Bros Discovery business.
Kreiz will leave his role as chairman and chief executive of Mattel on 2 October, before joining Paramount on 5 October.
He will become co-chief executive of the combined Paramount and Warner Bros Discovery group alongside Paramount boss David Ellison once the companies’ £82bn deal completes.
Kreiz will take charge of the company’s day-to-day operations and oversee the integration of the two businesses, while Ellison will focus on long-term strategy, creative direction, technology, partnerships and capital allocation.
His departure marks a major leadership change for Mattel ahead of the crucial Christmas trading period.
Kreiz has headed the company since 2018 and spearheaded its strategy to evolve from a traditional toy manufacturer into a broader entertainment and intellectual property business.
That push culminated in the release of Barbie in 2023, which became a global box-office hit and helped demonstrate Mattel’s ambitions to generate revenue from its brands beyond the toy aisle.
Under Kreiz, Mattel has also expanded across film and television, digital gaming, publishing, live experiences and consumer products.
The toy giant said it remained the world’s number-one player across dolls, vehicles and infant, toddler and preschool categories, while Hot Wheels is on course for its ninth consecutive year of growth.
Kreiz will be succeeded by former Condé Nast boss and existing Mattel board member Roger Lynch.
Lynch will become chairman on 2 October and take up the chief executive role on or before 2 November. He has served on Mattel’s board since 2018 and previously held senior roles at Pandora and Sling TV.
Mattel said Lynch’s ‘experience across media, technology and consumer businesses’ would help continue its strategy of extracting more value from brands including Barbie, Hot Wheels, Fisher-Price and Uno.
Lynch said the business was “well positioned for its next phase of profitable growth”, while Kreiz said Mattel was leaving his tenure “in a position of strength”.
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