Mattel gets new chief executive as it struggles to turn more of its toys into stars
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Set us as preferred Mattel is getting a new chief executive, as the company behind Barbie has struggled to turn its toy business into a movie business.The El Segundo company is set to be led by Roger Lynch, who is stepping down from his role as chief executive at the publisher Condé Nast after more than 7 years with the company.
Lynch has served as a Mattel board member since 2018.Business Mattel earnings disappointed investors, making many concerned about the future of BarbieLynch will replace Ynon Kreiz, who has led Mattel since 2018 and helped bring it to Hollywood stardom with “Barbie” the movie.In February, Mattel announced weak holiday sales and said it expected another slow year after its iconic Barbie doll lost some popularity.
The doll and its many variants have been losing momentum since her latest 15 minutes in the spotlight following the 2023 hit movie “Barbie.” This year, Mattel says it will increase its focus on making more digital games and toys tied to movie franchises.Hollywood Inc.
In 2023, Mattel hit box-office gold with the “Barbie” movie.This weekend, it returns to theaters with “Masters of the Universe.”Mattel returned to theaters this year with “Masters of the Universe,” a movie centered around the action hero He-Man that disappointed at the box office.
Mattel shares tumbled more than 5% in early trading Wednesday.Its stock price is down more than 35% so far this year.The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
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