Mattel chairman and CEO Ynon Kreiz is stepping down after eight years to become co-CEO of Paramount Skydance, with the toy maker appointing board member Roger Lynch as successor.

Kreiz will take up his new role at Paramount Skydance on October 5 and join its board. He will step down as Mattel chairman and CEO on October 2.

Lynch, who has served on Mattel’s board since 2018 and has led Condé Nast since 2019, will become chairman on October 2 and CEO on or before November 2. He previously held CEO roles at Pandora and Sling, among other media and technology companies.

“Roger is a visionary leader with a track record of growing global companies at the forefront of changing industry and consumer trends,” said Judy Olian, a Mattel board member who led the CEO succession process.

“Throughout his service on the board, Roger has been an invaluable contributor to shaping the company’s direction in the midst of its expansion into entertainment and digital products.”

Kreiz’s departure follows a period of transformation at Mattel, during which the company expanded beyond traditional toys into film, television, consumer products, digital games, live events, experiences, and publishing.

“It has been a privilege to lead Mattel, with a global team dedicated to its mission and purpose, and I am proud of all we have achieved together,” Kreiz said.

“Mattel is in a position of strength, with a world-class brand portfolio, product offering, and global capabilities.”

Lynch said Mattel’s brand portfolio and its expansion into entertainment had positioned the company for continued growth.

“I am honoured by the Board’s confidence in me and couldn’t be more excited to lead the incredible team at Mattel,” he said.

Separately, Mattel board member Diana Ferguson will become the company’s independent lead director. Condé Nast has appointed board member Mike Perlis as interim CEO following Lynch’s departure.