Mattel Chief Executive Officer Ynon Kreiz is leaving the toy company to join David Ellison as co-CEO of the merged Warner Bros.
Discovery-Paramount.
The senior leadership move was announced on Wednesday, September 30, 2026, according to sources familiar with the matter.
Kreiz's specific remit and title at the combined entity have not yet been fully determined.
Following the departure announcement, shares in Mattel dropped 4 percent.
Kreiz's Legacy at Mattel
Kreiz took the helm at Mattel in 2018 and transformed the firm into an intellectual-property licensing powerhouse.
Under his leadership, the company produced the hit movie Barbie.
"I am proud of all we have achieved together," said Ynon Kreiz, outgoing CEO of Mattel.
He also emphasized the company's fan base, saying, "People who buy our products, they're not just consumers, they are fans."
"And once you have a lot of fans, it's an audience. And when you have an audience, it changes the opportunity that you have in front of you."
Roger Lynch, the CEO of Vogue parent Conde Nast and Mattel's lead independent director, will take over as Mattel's new Chief Executive Officer starting in November.
"I am honored by the board's confidence in me and couldn't be more excited to lead the incredible team at Mattel," said Roger Lynch, incoming CEO of Mattel.
The combined entity of Warner Bros.
Discovery and Paramount is currently working on selecting a new corporate name while addressing a $52 billion debt burden.
RedBird's Gerry Cardinale and operating partners including former CNN chief Jeff Zucker will also assist with the firm's financial positioning.
