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In a major shake-up in the management world, Conde Nast CEO Roger Lynch is stepping down after a seven-year tenure running the media company to become CEO of Mattel, while Mattel CEO Ynon Kreiz is leaving the toy conglomerate for another job.
Lynch will take over as Chairman on Friday, when Kreiz is set to leave after eight years with Mattel.
Kreiz was instrumental in moving Mattel into Hollywood with Greta Gerwig’s “Barbie” in 2023 and helped lead the development of several film and TV adaptations that have expanded the brand. The movie company launched “Masters of the Universe” with Amazon this summer, and next is “Matchbox” with John Cena for Apple.
Lynch, meanwhile, has been in charge of the large Conde Nast portfolio for seven years, navigating a tumultuous time for the media. Board member Mike Perlis will step in as interim CEO while Conde Nast searches for its next leader.
Lynch’s appointment to run Mattel followed a “thorough succession process,” the toy company said.
“Roger is a visionary leader with a track record of growing global companies at the forefront of changing business and consumer trends,” said board member Judy Olian, who has overseen the succession process. “Throughout his service on the Board, Roger has been an invaluable help in shaping the direction of the company amid its expansion into entertainment and digital products.”
Olian continued by thanking Kreiz for his time with the company.
“The Board is extremely grateful for Ynon’s eight years of transformative leadership, and wishes him well in his new role. Ynon leaves a valuable legacy in transitioning Mattel from a toy manufacturer to a leading family gaming and entertainment company.”
Lynch said: “I am honored by the Board’s confidence in me and could not be more excited to lead the incredible team at Mattel. Throughout my years on the Board, I have respected Mattel’s brands, its talented people, and its unique culture. page.”
Kreiz said: “It has been an honor to lead Mattel, with a global team dedicated to its mission and purpose, and I am proud of what we have accomplished together. Mattel is in a position of strength, with a world-class brand portfolio, product offering, and global capabilities.”
Read Lynch’s exit memo to Conde Nast employees below:
Dear all,
I am writing with bitter news. After seven and a half years as your CEO, I have made the very difficult decision to step down and help initiate a leadership transition for the company. Soon, I will be joining Mattel as their new CEO.
When I joined Condé Nast, I had the simple goal of leaving this amazing place stronger than I found it. Together, we navigated a pandemic, massive 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 changed Condé Nast for a new era. We brought together our global businesses, 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 the past seven years have heard me talk about this focus many times. I’m especially proud of how far we’ve come in these areas: since 2020, revenue from trade grew 170%, digital subscriptions 155%, and US tent events increased ninefold.
Through it all, what has been constant is the incredible work that has been done and the great team that has made it possible. I have never been more inspired in my career than when I was with you. One major highlight was the launch of our Middle East operations in Dubai, our first new office in 16 years. As we close out the third quarter, the company is on track for another year of revenue and profit growth. New initiatives around digital products such as Vette and events such as Vogue World will drive continued success. I intend to do all I can to ensure that the journey continues. Indeed, I am delighted to continue as a member of Condé Nast’s Board of Directors and to be deeply invested in the company and its future.
The board will begin a search for the next CEO of Condé Nast, and in the meantime, Mike Perlis, our lead independent director, will serve as interim CEO. Having been on our board for almost eight years, he knows our business very well and will work closely with our experienced executive management team during the transition. With the strength of that leadership and our dedicated teams around the world, I’m sure the company will continue to thrive.
We will be holding a company meeting soon where you will have the opportunity to meet Mike and hear more about the transition. For now, I just want to say how grateful I am. I could not be prouder of what we have achieved. I have every confidence in your ability to continue to build on the foundation we have created together.
my best,
Roger
