Updated version 2 - Mattel CEO Kreiz will step down, and Lynch from Condé Nast has been appointed as his successor

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Reuters, September 30 - Mattel Inc. MAT.O said on Wednesday that longtime Chief Executive Officer Ynon Kreiz will leave the toymaker to take up a senior management role at another listed company, handing over the reins to board member Roger Lynch.

Kreiz has served as CEO since 2018, leading Mattel in expanding its business from traditional toys into entertainment and digital gaming, but has recently come under close scrutiny from investors including Southeastern Asset Management.

The maker of Barbie dolls and Hot Wheels saw its share price fall about 3% in premarket trading.

The leadership change comes after investor Southeastern Asset Management urged Mattel to explore strategic options, including privatization or a takeover by rival Hasbro HAS.O proposed earlier this year.

Lynch has served as a Mattel board member since 2018 and is currently CEO of Condé Nast, the parent company of The New Yorker. He is expected to formally assume the role of Mattel CEO on November 2 this year.

Kreiz has not immediately responded to Reuters' request for comment regarding his future role.

Mattel last month reported second-quarter revenue above (link) analysts’ expectations and reaffirmed its full-year outlook, but profits missed estimates due to tariff-related costs and investments made to boost sales.

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