Mattel (MAT), the company behind Barbie and Hot Wheels, recently got a new CEO who will receive a large cash bonus before he even runs his first meeting.
Mattel’s main toy business has been losing momentum, so it seems the board is ready to try something different, and it’s paying up to do it.
This leadership shakeup could reshape the toys and shows Mattel makes from here, signaling a bold new direction for the company’s long-term plans.
Inside Mattel’s leadership change and the big signing deal
On Sept. 30, 2026, Mattel confirmed that Ynon Kreiz, the CEO who ran the company during the hit “Barbie” movie, is stepping down to take a senior leadership position at another public company.
Mattel’s new CEO is Roger Lynch, a media veteran who recently led Condé Nast and was already a member of Mattel’s board.
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“Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends,” board member Judy Olian said in the company press release.
According to Quartz, Lynch will receive a $10.6 million cash bonus that must be paid no later than Dec. 31, 2026. He will also have a $2.3 million base salary, $6 million in restricted stock units for new hires, a standard $10 million yearly equity package, and a $985,000 relocation allowance.
The signing bonus is simply compensation that covers the pay and stock he gave up by leaving Condé Nast. However, Mattel can still take part or all of the cash bonus back if Lynch quits or gets fired for a justifiable reason before certain dates in 2027 and 2028, with the primary clawback date being Dec. 31, 2027.
Mattel named Roger Lynch its new CEO on Sept. 30, 2026, following the exit of Ynon Kreiz.Ekaterina79 / Getty Images
What the change means for Mattel’s business
Mattel makes most of its money by designing and selling toys from the brands it owns —for example, Barbie, Hot Wheels, Fisher-Price, and Matchbox.
It also licenses those brands for movies and TV shows. That’s how it made a lot of money from the 2023 “Barbie” film.
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But the toy side of the business has been under pressure lately. The New York Post reported that Barbie sales have dropped, and the company is also dealing with new import taxes that have increased the cost of making and shipping toys.
Mattel’s second-quarter revenue reached $1.13 billion in 2026, which was higher than Wall Street expected. Still, the company’s actual profits fell short of Wall Street’s expectations by about 77%.
With Lynch in charge, Mattel might start releasing its video games, TV shows, and apps more quickly so that it can maintain steady income. “The company is well-positioned for its next phase of profitable growth and its exciting new chapter,” Lynch said in the announcement.
Takeover rumors and what Mattel investors should watch next
Authentic Brands Group recently reached out with an offer to buy Mattel for $6 billion, valuing the company at about $20 per share. Southeastern Asset Management has also advised Mattel’s board to consider selling or merging the company with Hasbro.
However, with Mattel’s board giving the new CEO this much cash upfront and strong protections, it could mean the directors want to remain independent and fix the company themselves.
That could upset shareholders, who would rather see the company get sold so they can get faster returns. For that reason, if the company’s earnings don’t meet expectations, the stock could face backlash from shareholders.
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