Shares of Mattel dropped 3.9% in premarket trading on Tuesday after the company announced a change in its top leadership. Roger Lynch will take over as chairman and chief executive officer of the toy maker, succeeding Ynon Kreiz in the role.

Lynch departs Condé Nast after 7.5 years as chief executive, though he will remain on its board of directors. Mike Perlis, the lead independent director, will serve as interim CEO of Condé Nast while the board searches for a permanent replacement. Since 2020, the media company grew commerce revenue by 170%, digital subscriptions by 155%, and US tentpole events ninefold under Lynch's tenure.