In a massive shakeup in the executive world, Conde Nast CEO Roger Lynch is stepping down after a seven-year tenure running the media company to serve as CEO of Mattel, while Mattel CEO Ynon Kreiz is leaving the toy conglomerate for another job.
Lynch will step into the role as Chairman on Friday, when Kreiz is set to depart after eight years with Mattel.
Kreiz was instrumental in driving Mattel’s move into Hollywood with Greta Gerwig’s smash-hit “Barbie” movie in 2023 and helped spearhead development on several film and TV adaptations that have expanded the brand. The company launched a “Masters of the Universe” film with Amazon this summer, and next out is “Matchbox” starring John Cena for Apple.
Lynch, meanwhile, has spearheaded the massive Conde Nast portfolio for seven years, navigating a tumultuous period for media. Board member Mike Perlis will step in as interim CEO while Conde Nast searches for its next leader.
The appointment of Lynch to run Mattel followed a “comprehensive succession process,” the toy company said.
“Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends,” said board member Judy Olian, who has run the succession process. “Throughout his service on the Board, Roger has been an invaluable contributor to shaping the company’s direction in the midst of its expansion into entertainment and digital products.”
Olian continued by thanking Kreiz for his time with the company.
“The Board is most grateful for Ynon’s eight years of transformational leadership, and wishes him every success in his new role. Ynon leaves an invaluable legacy of transitioning Mattel from a toy manufacturer to a leading IP-driven play and family entertainment company. Knowing Roger as we do, we are confident that he and the talented Mattel team will build on that powerful foundation, and continue to advance our strategy to leverage our iconic brand portfolio.”
Lynch said: “I am honored by the Board’s confidence in me and couldn’t be more excited to lead the incredible team at Mattel. Throughout my years on the Board, I have admired Mattel’s brands, its talented people, and unique culture. I am especially grateful to Ynon for his many years of outstanding leadership and service to the company. During his 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.”
Kreiz said: “It has been a privilege to lead Mattel, with a global team dedicated to its mission and purpose, and I am proud of all we have achieved together. Mattel is in a position of strength, with a world-class brand portfolio, product offering, and global capabilities. I am grateful to the Board, management team, and entire Mattel organization for their commitment and collaboration during the past eight years, and I have every confidence the company will continue to thrive under Roger’s leadership.”
Read Lynch’s full exit memo to Conde Nast staff below:
Dear all,
I’m writing with bittersweet news. After seven and a half years as your CEO, I have made the very difficult decision to step down and help begin a leadership transition for the company. Soon, I’ll be joining Mattel as their new CEO.
When I joined Condé Nast, I had the simple ambition to leave this extraordinary place stronger than I found it. Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year. And yet, there is no doubt that we transformed Condé Nast for a new era. We brought our global businesses together, built a unified company, and strengthened our journalism and creative work. One of the big areas of opportunity I saw when I joined the company was to expand our consumer and events businesses. Those of you who have been with Condé Nast for these last seven years have heard me talk about this focus many times. I’m particularly proud of how far we’ve come in these areas: since 2020, revenue from commerce grew by 170%, digital subscriptions by 155%, and US tentpole events increased ninefold.
Through all of it, what has remained constant is the exceptional work produced and the brilliant team that has made it possible. I’ve never been more inspired in my career than when I’ve been with you. One particular highlight was starting our Middle East operations in Dubai, our first new office in 16 years. As we close the third quarter, the company is on track for another year of revenue and profit growth. New initiatives around digital products like Vette and events like Vogue World will fuel continued success. I intend to do everything I can to ensure that trajectory continues. In fact, I’m thrilled that I will continue in a role as a member of the Condé Nast Board of Directors and remain deeply invested in the company and its future.
The board will begin a search for Condé Nast’s next CEO, and in the meantime, Mike Perlis, our lead independent director, will serve as interim CEO. Having served on our board for almost eight years, he is deeply familiar with our business and will work closely with our experienced executive leadership team throughout the transition. With the strength of that leadership and our deeply committed teams around the world, I’m confident the company will continue to thrive.
We will soon hold a company meeting where you’ll have the opportunity to meet Mike and hear more about the transition. For now, I simply want to say how grateful I am. I could not be more proud of what we have accomplished. I have every confidence in your ability to continue building on the foundation we have created together.
My best,
Roger
