Mattel Appoints New CFO Amid Pressures to Sell

Mattel has announced that Peter Griffith is the firm’s new Chief Financial Officer.

Peter succeeds Paul Ruh, who will serve in an advisory role through the end of the year to support the leadership transition. Peter will report to Roger Lynch, Chairman and CEO of Mattel, and will also join the company’s board of directors.

Discussing Peter’s appointment, Roger says: “Peter is a highly accomplished and respected financial leader with a proven track record of enabling growth, driving financial discipline and allocating capital strategically.”

He adds that Peter’s experience across global financial management, private equity and investment banking will be “invaluable” as Mattel seeks to sharpen its business execution and improve its performance. 

Roger says: “We welcome him to our management team and board and look forward to his impact as we focus on delivering for our shareholders, employees, fans and partners.”

An in-depth understanding of financial leadership

Peter has extensive experience in financial leadership for public companies and an in-depth understanding of strategic transactions, capital allocation, technology investments, cybersecurity and business transformation. 

Most recently, he served as Executive Vice President and CFO of Amgen, where he helped guide the company through significant acquisitions and strategic investments while taking a disciplined approach to capital allocation and balance sheet management. 

During his time at Amgen, he helped shape financial priorities to support continued investment in innovation and long-term growth while driving the firm’s operational efficiency and financial performance.

Before Amgen, Peter spent more than 20 years as a partner at EY. In his last role as Global Vice Chair, Corporate Development, Peter drove EY’s investment strategy and execution of its strategic transactions to broaden and deepen EY’s capabilities globally. 

Prior to the vice chair role, he served as Global Managing Partner, Operations and Finance, and also oversaw the firm’s Finance and Accounting, Corporate Development, Tax, and Treasury functions during a period in which EY’s annual revenue profitably grew by more than 25% to over US$27bn. 

Commenting on his appointment, Peter says: “Mattel has an iconic and exceptional portfolio of brands and a strong global platform and financial foundation on which to build. 

“I am excited to partner with Roger, the board, and the talented team at Mattel to execute the company’s priorities, and help deliver sustained, profitable growth and shareholder value.”

Praising Peter’s predecessor, Paul, Roger adds: “During his tenure, Paul strengthened our Finance and Global Technology organisations, and further reinforced our balance sheet, leaving Mattel well positioned for the future. 

“[Paul] has also been a trusted partner to the board and management team, and we are grateful that he will serve in an advisory capacity to help ensure a smooth handover.”

Pressures to sell

Amid the leadership changes – including Roger’s appointment and the departure of former CEO Ynon Kreiz earlier this month – Mattel is facing pressure from an investor to consider a sale due to the firm’s underperforming sales and growing buyer interest.

American investment firm Ariel Investments, one of Mattel’s biggest shareholders, says as the struggling business seeks a turnaround, it should consider a sale to the right buyer.

Ariel Investments Co-CEO John Rogers says Mattel would be attractive to prospective buyers and that the toymaker’s options currently include a divestiture of assets, a merger, or an outright sale.

Mattel’s shares were last in the red in premarket trading and are down 19% since the start of the year.

Responding to Ariel Investments’s suggestion, a Mattel spokesperson says: “Our Board of Directors and management team are committed to acting in the best interests of all shareholders and will consider the views expressed in Ariel Investments’s letter, as well as the views of Mattel’s other shareholders.”

Mattel’s key partners:

Universal Destinations & Experiences: Mattel maintains strategic licensing partnerships with Universal to produce toys, merchandise, and interactive experiences based on Universal's major film and entertainment franchises.
CEO: Mark Woodbury | Headquarters: Orlando, Florida, US

The Walt Disney Company: Mattel maintains major licensing agreements with Disney to manufacture and market popular toys and merchandise based on Disney properties.
CEO: Josh D'Amaro | Headquarters: Burbank, California, US

Microsoft: Mattel collaborates with Microsoft to produce digital games, expanded media content, and interactive experiences across shared entertainment and gaming franchises.
CEO: Satya Nadella | Headquarters: Redmond, Washington, US