Mattel names Griffith CFO on $1.3 million salary amid shareholder pressure
Key Facts
Mattel announced the appointment of Peter Griffith as chief financial officer effective 20 October 2026, according to a statement filed with the U.S. Securities and Exchange Commission, emphasizing growth, financial discipline and capital allocation as priorities. Griffith will also join the board as a non-independent director, combining financial responsibilities with a board seat. He succeeds Paul Ruh, who will continue supporting the handover as an executive adviser until 31 December 2026. The company said in its filing that Ruh's departure did not result from any disagreement with it. The filing said Griffith would receive no additional compensation for serving on the board.
Griffith's appointment letter set his annual base salary at $1.3 million as part of the financial terms of his appointment. The letter filed with the U.S. regulator also provided for a gross cash signing bonus of $1.4 million before deductions. The CFO change accompanies a transition in senior leadership, after Mattel announced the appointment of Roger Lynch as chairman and chief executive officer, succeeding Ynon Kreiz. In the appointment statement, Lynch praised Griffith's record of "supporting growth, strengthening financial discipline and allocating capital strategically." Griffith, for his part, said his goal was to help "deliver sustainable, profitable growth and shareholder value."
Griffith joins Mattel with an executive background that includes serving as chief financial officer at Amgen, which announced the transfer of financial responsibilities to Thomas Dietrich. Amgen set 1 September 2026 as the date for Dietrich to succeed Griffith. Before joining Amgen, Griffith spent more than two decades as a partner at Ernst & Young, according to Mattel's statement. That experience in financial and professional services adds to the executive record Lynch cited in welcoming his appointment. Ruh, who is leaving the CFO role while remaining an adviser during the transition, took over on 19 May 2025, according to his earlier appointment filing.
On financial performance, Mattel's net sales in the second quarter of 2026 were about $1,125 million, according to the company's earnings release. That represented a year-on-year increase of 10% on a reported basis, alongside a decline in profitability over the same period. The company posted a quarterly net loss of $18 million, swinging into the red. It had reported net income of $53 million in the second quarter of 2025, the comparative period in the earnings release. Reported gross margin fell to 48.2% from 50.9% in the corresponding quarter, despite higher net sales.
The leadership changes coincided with pressure from Ariel Investments for a strategic review, according to Reuters. The investment firm called for consideration of options including the divestment of major Mattel assets. The alternatives it proposed also included a merger or a sale of the entire company, according to the agency's report published shortly before the CFO change. Against that backdrop, Mattel shares fell about 3% during trading on 6 October, according to a separate Reuters report. That share move preceded the announcement of Griffith's appointment, as calls to review strategic options were before the company.
Mattel attributed the decline in gross margin in its second-quarter results primarily to tariffs and inflation. The company also listed higher royalty expenses and unfavorable foreign exchange movements among the factors weighing on margin. In the same earnings release, it reaffirmed its target of $400 million in share repurchases during 2026. The company plans to announce third-quarter results on 5 November 2026, at about 4:05 p.m. U.S. Eastern Time, according to an investor relations statement. A webcast earnings call will follow at 5:00 p.m. in the same time zone, marking the first scheduled earnings release after Griffith's appointment takes effect.