Leadership Summit 2026: Mattel's CEO on Driving Consumer Engagement and Cultural Impact

Mattel CEO Ynon Kreiz told the HBR IdeaCast audience that the company’s transformation from a traditional toy manufacturer into an IP-driven entertainment business began with a single page. When he took over, the company’s strategy was a three-inch binder. He and his team condensed it to one page, and then communicated it across the organization so that every employee knew exactly what they needed to do and how it ladders up to the company’s overall purpose. That clarity, he argued, was the foundation for everything that followed.

From Toy Maker to Franchise Manager

Kreiz described the core strategic shift as moving from a company that makes items to one that manages franchises. The goal is to grow an “IP-driven play and family entertainment business.” This required two simultaneous changes: expanding beyond physical products and adopting a holistic brand management approach to capture the full value of intellectual properties across both toys and entertainment. Kreiz emphasized that toys remain foundational—about 75% of the business still goes through 500,000 stores globally—but success in toys now drives success in entertainment, and vice versa. To execute this, he reduced the non-manufacturing workforce from 13,500 to 8,000 people, cut the number of SKUs by over 40%, and reoriented the company around franchise management. The biggest talent shift, he said, was ensuring