Condé Nast CEO Leaves to Run Mattel In Major Shake Up

Call it media world musical chairs. Mattel on Wednesday named Roger Lynch as its new CEO and chairman, succeeding Ynon Kreiz, who the the toy giant says is leaving for a role at another public company. Kreiz, of course, is the executive responsible for pushing Mattel into entertainment, with box office hits like Barbie, alongside a slate of other films and shows. Lynch, who was already a Mattel board member (he has been its lead independent director) since 2018, will step down as CEO of Condé Nast, the media company that owns brands like Vogue, The New Yorker, Vanity Fair and Wired. Mike Perlis, currently the lead independent director of the publishing giant, will become interim CEO. “Together, we navigated a pandemic, enormous disruption across our industry, and a media landscape that seemed to change beneath our feet every year,” Lynch wrote in a memo to staff. “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.” Both Mattel and Condé Nast announced the changes early Wednesday morning. “Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends,” said Mattel board member Judy Olian, who led the succession process, said in a statement. “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. 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.” “I am honored by the Board’s confidence in me and couldn’t be more excited to lead the incredible team at Mattel,” added Lynch. “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.” Mattel owns brands like Barbie, American Girl, Hot Wheels, Thomas & Friends, Uno, Bob the Builder, and others, producing toys, games and other consumer products. It also has a robust entertainment business, with Kreiz pushing to get the toymaker further into that world in recent years. A Hot Wheels movie is in the works with Warner Bros. for example. Lynch was mainly a technology executive before he joined Condé Nast seven and a half years ago, having run Pandora and Sling TV. He remains on the publisher’s board. “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,” said Kreiz. “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.” Mattel says that Diana Ferguson will become the company’s lead independent director given Lynch’s new role. At Condé, Perlis will step in to lead the company on an interim basis. Perlis is the former CEO of Ziff-Davis publishing, and the first non-family member to serve as CEO of Forbes. “Roger has led Condé Nast successfully through a period of enormous change,” said Steven Newhouse Co-President of Advance Publications, in a statement. “On behalf of our Board, we are grateful for his leadership, and pleased that he will continue to serve on the Board. Roger built a great team and positioned the business well for what comes next. With Mike stepping in alongside that team, we expect a seamless transition and look forward to building on the progress Roger has made.”