Mattel has named Roger Lynch, chief executive of Condé Nast since 2019, as its chairman and CEO, the toy company announced Wednesday. Lynch will take the chairman role on Friday and become chief executive on or before Nov. 2.

Lynch is no outsider to the company. He has served on Mattel's board since 2018 and currently holds the position of independent lead director.

Current CEO Ynon Kreiz will step down as chairman and CEO as of Friday to take a senior leadership position at another public company, per the release. Mattel stated that the appointment followed a succession planning process and that it chose one of its own board members to lead its next chapter of growth.

Lynch brings a media and streaming pedigree to the toy maker. Before joining Condé Nast, he was CEO of the streaming service Pandora and the founding CEO of Sling TV. In its announcement, Mattel emphasized his experience unifying global operations and leveraging intellectual property monetization across brands.

That background matters for Mattel's strategic direction. Under Kreiz, the company accelerated its move from toy manufacturer to an IP-focused business, extending franchises such as Monster High into Roblox and launching Mattel Game Studios this summer to bridge physical play and virtual worlds.

The compensation package is substantial. According to documents filed with the U.S. Securities and Exchange Commission, Lynch will receive base pay of $2.3 million and will be eligible for an incentive plan award of 200% of his base pay, not to exceed 400%. He will also receive a cash signing bonus of $10.6 million, a restricted stock unit award of $6 million and a relocation allowance of $985,000.

The leadership transition includes an interim arrangement. Jonathan Anschell, Mattel's current chief legal officer and secretary, will serve as interim principal executive officer effective Friday, until Lynch assumes the chief executive role. Anschell will continue in his current role while taking on the interim responsibilities.

Mattel also announced a governance shift: board member Diana Ferguson becomes the company's new independent lead director.

Lynch inherits a business with growing top-line momentum but pressure on the bottom line. In its latest earnings, Mattel reported net sales up 10% year over year to $1.1 billion, alongside a Q2 net loss of $18 million, compared to net income of $53 million in the year-ago period. The company reiterated its full-year guidance, with net sales expected to rise between 3% and 6%.

For marketers watching Mattel, the signal is clear: a CEO with deep streaming and IP-monetization credentials now leads a company that has staked its future on turning toy brands into entertainment franchises across screens and virtual worlds.