Ynon Kreiz is stepping down as the head of the toy company to make way for a new leader. Roger Lynch will take over as chairman and chief executive officer of Mattel, following a difficult fiscal year in which the firm saw a decline in sales for the Barbie brand. A leadership shift was overdue after a "rough year" at the toy giant that impacted its overall performance.

Lynch departs Condé Nast after 7.5 years as chief executive, during which commerce revenue grew 170% and digital subscriptions rose 155% since 2020. He will remain on the Condé Nast board of directors while lead independent director Mike Perlis serves as interim CEO. Shares of Mattel fell 3.9% in premarket trading on Tuesday following the announcement.