When Mattel CEO Ynon Kreiz took over the toymaker in 2018, he was the company's fourth CEO in four years. Mattel's internal culture was rigid and top down, and operating income was at a $343 million loss. Kreiz implemented cost saving and restructuring measures, which included laying off almost 2,000 people and closing five Mattel factories. In 2021, the company recorded $730 million in profit. Mattel is now betting big on using its beloved toy brands as IP in other media, starting with the much anticipated Barbie movie, in theaters on July 21st. Mattel currently has 14 films in various stages of production, each centering on an iconic toy like Hot Wheels and the Magic 8 Ball.
In this episode of Leadership Next, Kreiz joins hosts Alan Murray and Michal Lev-Ram to talk about his experience of joining Mattel at one of the company's lowest points and his strategy for turning it around. He also explains why he thinks Mattel's toy brands hold so much promise as larger franchises beyond the toy aisle, so expect a lot of conversation about the Barbie movie. Kreiz talks about how he expects the movie to affect the perception of Barbie and what he thinks of Will Ferrell's portrayal of Mattel CEO. Additionally, he shares more about how his experience as a media exec prepared him for this role and Mattel's plans for more diverse and inclusive toys - and how he deals with political blowback for creating those toys.
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