Dive Brief:
- Incoming Mattel Inc. CFO Peter Griffith will receive a cash sign-on bonus of $1.4 million, no later than Dec. 31, after he steps into the toy maker’s top finance seat this week, according to a Monday securities filing and press release announcing his appointment.
- The El Segundo, Calif.-based company announced Griffith will succeed Paul Ruh as its CFO effective Oct. 20, with Ruh to serve in an advisory capacity through the end of the year to support a smooth transition, according to the press release. Griffith will also join Mattel’s board of directors, the company said.
- The appointment — which comes just over a year after Ruh took the CFO seat last May — is the latest executive leadership shift by the Barbie and Hot Wheels owner as it faces investor pressures and a potential takeover amid stagnating growth. Mattel on Sept. 30 announced Roger Lynch as its executive chair effective Oct. 2, and as its CEO effective Nov. 3, according to a press release at the time.
Dive Insight:
The move represents the second CFO move by Mattel in just over a year, with Ruh joining Mattel in May 2025 from consumer health product company Kenvue after helping to finalize its separation from Johnson & Johnson Services as its finance chief, CFO Dive reported at the time.
Griffith is joining Mattel after six years as CFO for biotechnology company Amgen, according to his LinkedIn profile. The pharmaceutical company in May announced Griffith would retire from the business, with Amgen alum Thomas Dittrich assuming its top finance seat on Sept. 1, according to a press release at the time.
Griffith’s roles prior to Amgen included a variety of positions during 21 years at Big Four firm Ernst & Young, including as its global vice chair for corporate development and its global managing partner, operations and finance, according to his LinkedIn profile.
As well as the cash bonus, Griffith as Mattel’s CFO will also receive a new hire restricted stock award with a grant date value of $3.3 million, set to vest over a three-year period, according to the filing with the Securities and Exchange Commission. He will also be granted a prorated 2026 annual equity award, consisting of a restricted stock unit award of $1 million, as well as a portion of his 2027 annual equity award of RSUs with a grant date value of $2.5 million.
Griffith will receive an annual base salary of $1.3 million, and, beginning in the 2027 performance year, will be eligible for an annual target bonus opportunity equal to 100% of his base pay, with a maximum of up to 200% of his base salary, according to the SEC filing.
The EY alum’s “deep experience spanning global financial management, private equity and investment banking will be invaluable as we look to sharpen our execution and improve our performance,” Lynch said in a statement included in the Monday release.
Mattel in recent years has struggled to achieve growth as it seeks to move beyond toys and games, with less than expected holiday sales in its final quarter of 2025 causing the business to recast its full-year guidance and to focus on cost savings and strategic investments aimed at improving the bottom line, according to its full-year earnings report in February.
For its most recent quarter, while Mattel saw a bump in net sales, it also recorded a net loss of $18 million compared to net income of $53 million for the prior year period, according to its Aug. 4 earnings report. Operating income, meanwhile, decreased by $68 million year-over-year to $11 million for the quarter ended June 30, according to the report.
Its lukewarm financials and consequent dip in share price have also led to calls for a potential sale, with shareholder Southeastern Asset Management issuing an open letter to Mattel leadership this May urging the business to explore “strategic alternatives.”
“We worry that your current compensation package incentivizes waiting too long for a stock price over $30,” Southeastern, which manages 4% of Mattel stock for clients, said in the letter when calling for a potential sale. Mattel’s stock is currently priced at $16.83 per share, having fallen 16% YoY, according to data from Nasdaq.
“We see a value per share today approaching $30, but we do not want to wait longer for that to be realized,” the letter reads. We would prefer you lead the effort to explore strategic alternatives given your industry knowledge and relationships.”
In the letter, Southeastern highlighted “three groups of buyers of Mattel that would be better owners” to help it realize long-term value. That includes private equity firms, which have “circled Mattel in the last few years,” other toy companies, or large media companies, Southeastern argued.
The toymaker has since reportedly received a takeover bid from brand licensing company Authentic Brands Group, according to an Oct. 1 report by the Wall Street Journal citing people familiar with the matter. The reported offer could value Mattel at approximately $20 per share, or around $6 billion, the WSJ said.
