Business Management Review: Speials Magazine

The most challenging corporate transformations are seldom about creating something totally new from scratch. When Ynon Kreiz took over as Mattel’s Chairman and CEO in 2018, he inherited one of the world’s most recognizable toy businesses at a difficult moment. Sales were under pressure, operations were complex and the company was navigating a rapidly changing consumer and entertainment landscape. The challenge was not simply to improve performance. It was to reconsider how an established toy manufacturer could compete as brands increasingly moved across screens, digital platforms and new forms of consumer engagement. From Turnaround to Execution Kreiz’s tenure at Mattel began with an emphasis on stabilizing operations. The company went through comprehensive restructuring aimed at reducing costs and strengthening accountability. During a 2023 interview with Fortune, Kreiz said Mattel had achieved more than USD 1.2 billion in cost savings over five years, including more than USD 1 billion during the first three years of its restructuring. This restructuring was tough, but it provided the operational platform for other strategic initiatives. As the business stabilized, the focus shifted toward expanding the potential of Mattel’s existing brands beyond their core products and into intellectual property and franchises. Managing Brands as Franchises Mattel, under Kreiz, has increasingly positioned itself as an IP-driven play and family entertainment company. With this approach, the focus shifted to generating value through films, television, games, licensing, publishing and live experiences while continuing to support the core toy business. This changed the way that Mattel looked at its portfolio. Brands such as Barbie, Hot Wheels, Fisher-Price, American Girl, Masters of the Universe, UNO and others were more than brands on store shelves. They represented characters, stories and established intellectual property that could create new opportuni